Put it up for sale accept reasonable offers. If one partner still doesn’t want to sell at offer price tell him to buy your half and sell it for whatever he wants.

what about taxes ?

Good that you asked about the taxes. I won a new Dodge Truck and a Skeeter in 2012 at a BassChamps event on Fork. The total prize package was valued at over $55K MSRP. BC sends you a 1099 that shows their value of the package. That number is reported to the IRS as Additional Earned Income for that year to the angler that won it. It is less than $55K.

They also offered a check for the truck but not the boat. The amount they offered for the truck was way below what I felt I could get if I sold it outright. The boat was the boat. I had to drag it home. Actually it sat at Lake Fork Marina for about a week while I looked for a place to store it.

That puts most folks in a higher tax bracket. So the following April 15th when the Tax Man Cometh, he wants more money. After I won the event I called my CPA and told him what I had won. He suggested due to my tax bracket that I set back 33% of the dollar amount on the BC 1099 form so I could have it for taxes the following April. As far as the IRS is concerned you just got a huge pay increase at work.

I advertised the truck & boat and sold the truck within a week to a friend. It took me about three weeks to sell the Skeeter. I took the total cash I raised from selling the truck & boat and put 33% of that in my savings account for taxes the following year. I split the remainder evenly with my two partners. You should have seen their eyes when they saw the check.

If one of my partners had won the boat we would have netted quite a bit more money because one was a college student and would have paid virtually no income tax on the prize package.

PM me if you want exact numbers on the truck & boat.

The guy that won the boat will have to pay income tax on the boat so that needs to be taken into consideration. That will be between 20-35% of the value of the boat on the 1099 form from the tournament organization.

This is golden advice. I've never won anything like this but I have some close friends that have. They chose not to follow my friendly advice on figuring out the tax implications BEFORE you sell the prize. That way once you make the sell you can set aside the appropriate amount of $$$$ for uncle sam. One of then had some real challenges come tax time.

Yes in this win situation, there were 3 in a boat and one won the prize, so allocating the taxes is crucial before the dividing up of money.....My partner and I won a boat in a basschamps event and we each received a 1099 for 50% of the value that they purchased the boat for and not the MSRP price of the boat, so we each were responsible for our own taxes on the the 1099.

Great advice on winning a prize and the prize is in one persons name, yet you agreed to split before hand.

You need to keep track of all the numbers, inflows and out flows as in the above, you will have to pay sales tax on that boat in a certain amount of time if you don't sell it quickly. Also if you sell for less than what was on you 1099, then that is a loss and can be deducted accordingly....but a goo CPA, knows this

Considering all of the problems that tournament fishermen have along the way. I'll take this problem every time. It's a great problem to have. Deciding how to handle winnings.

Dang , good job

Boat certificates are not easy to sell to an individual. Least Triton ones are not there was expiration date on certificate and the time to get boat once ordered was 8-10 weeks plus have to pay taxes and rigging when it arrived. I could not sell the certificate itself to someone The cert was non transferable, pretty crappy deal honestly

Yeah that is pretty brutal if a certificate has an expiration date. What was the $ amount on the 1099 I wonder?

We sold ours to dealer in Missouri that buys most of the nitro certificates the nitro rep give us the dealers info and they said Texas boat world buys most of the triton certificates . You pretty much have to take the boat or sell certificate to a dealer