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When you win a boat/vehicle in a tournament...(paying taxes)
#5825076
02/09/11 02:44 PM
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Joined: May 2010
Posts: 3,494
Chad711
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: May 2010
Posts: 3,494 |
Are you required to pay the sales tax upfront right away? Or can you hold off on putting title in your name for say 30 days and then just turn around and sale it and leave the taxes to the new buyer?
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: Chad711]
#5825094
02/09/11 02:47 PM
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Joined: Jul 2009
Posts: 7,095
Texan4Liberty
TFF Celebrity
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TFF Celebrity
Joined: Jul 2009
Posts: 7,095 |
Whoever registers them pays the taxes for them.
God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know when to go fishing.
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: Chad711]
#5825102
02/09/11 02:48 PM
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Joined: Sep 2006
Posts: 1,518
KenTx1962
Old Careful Dude
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Old Careful Dude
Joined: Sep 2006
Posts: 1,518 |
if you own it at the end of the year you pay taxes. That's why those certificates get so cheap at the end of the year. The tournament will 1099 you the full retail value of the boat, if you own it you will owe taxes on that amount, if you can sell it you can take the difference between the 1099 value and what you actually sold it as as a loss, or at least that's what my CPA let me do in the past.
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: KenTx1962]
#5825108
02/09/11 02:50 PM
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Joined: Sep 2006
Posts: 1,518
KenTx1962
Old Careful Dude
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Old Careful Dude
Joined: Sep 2006
Posts: 1,518 |
Texas4 if you have the property and the 1099 at the end of year you will own INCOME taxes on it, when you register it you are paying SALES tax, it's a nasty double whammy
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: KenTx1962]
#5825129
02/09/11 02:52 PM
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Joined: Jul 2009
Posts: 7,095
Texan4Liberty
TFF Celebrity
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TFF Celebrity
Joined: Jul 2009
Posts: 7,095 |
He was asking about SALES tax.....just sayin'
God grant me the serenity to accept the things I cannot change; courage to change the things I can; and wisdom to know when to go fishing.
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: KenTx1962]
#5825131
02/09/11 02:53 PM
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Joined: Sep 2006
Posts: 1,518
KenTx1962
Old Careful Dude
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Old Careful Dude
Joined: Sep 2006
Posts: 1,518 |
but one I hope to face again in the near future!
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: KenTx1962]
#5825134
02/09/11 02:53 PM
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Joined: May 2010
Posts: 3,494
Chad711
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: May 2010
Posts: 3,494 |
Texas4 if you have the property and the 1099 at the end of year you will own INCOME taxes on it, when you register it you are paying SALES tax, it's a nasty double whammy Wow really? That sucks. So do any of you ever right it off as business use? I would think that would help some. I'm guessing most people just sell them before the end of the year?
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: Chad711]
#5825154
02/09/11 02:59 PM
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Joined: Nov 2007
Posts: 1,314
Easy Fisherman
Extreme Angler
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Extreme Angler
Joined: Nov 2007
Posts: 1,314 |
a declared value is taxable - the feds are really watching the income( winning income ) part also- when you win it , it is fed taxed even if you sell it before the end of the year - as a won gift is - if you win a car on a game show or boat fishing - it is income - taxed at a rate seperate from other income - once the SS # is reported the feds have you in their sights
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: Chad711]
#5825160
02/09/11 03:00 PM
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Joined: Sep 2006
Posts: 1,518
KenTx1962
Old Careful Dude
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Old Careful Dude
Joined: Sep 2006
Posts: 1,518 |
YES, save EVERY receipt, every year. You never know when you're going to hit a big one and you need the receipts to offset the income.
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: KenTx1962]
#5825200
02/09/11 03:08 PM
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Joined: Mar 2002
Posts: 2,721
brokenjeep
Extreme Angler
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Extreme Angler
Joined: Mar 2002
Posts: 2,721 |
YES, save EVERY receipt, every year. You never know when you're going to hit a big one and you need the receipts to offset the income. Which receipts?
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: brokenjeep]
#5825311
02/09/11 03:26 PM
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Joined: Apr 2008
Posts: 221
BassCattin52
Outdoorsman
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Outdoorsman
Joined: Apr 2008
Posts: 221 |
anything and everything having to do with fishing from boat gas to milage to motel ,eats,tackle buying a new boat to repair work on boat and truck if use to pull your boat to entry fees, like I said anything ang even the baathroom sink ....lol!!!!
BassCattin52
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: BassCattin52]
#5825332
02/09/11 03:30 PM
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Joined: Feb 2003
Posts: 55,343
SkeeterRonnie
Super Freak
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Super Freak
Joined: Feb 2003
Posts: 55,343 |
make sure you have allllll your reciepts... because claiming fishing as a job instead of a hobby(writing off expenses which is a profit/loss statement).... claiming fishing as a job while you have another job... is a red flag. It can be done, BUT, like i said, have all your receipts. I was audited for making a profit/loss statement one year.. but with all my reciepts I checked out just fine the lady auditor told me it was because i showed fishing as a job along with another job. btw-- she said she had no idea why they were wasting both our time, because she had seen some guys who couldnt account for more money that I make in 2 years..... i was a small fry and wasting her time.
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: SkeeterRonnie]
#5825367
02/09/11 03:38 PM
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Joined: Apr 2007
Posts: 846
PK Logistics
Pro Angler
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Pro Angler
Joined: Apr 2007
Posts: 846 |
I've been wondering about this since I plan on winning one soon....
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: PK Logistics]
#5825382
02/09/11 03:41 PM
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Joined: Feb 2003
Posts: 55,343
SkeeterRonnie
Super Freak
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Super Freak
Joined: Feb 2003
Posts: 55,343 |
its legit... anytime you have a 1099-misc, that means you can doa profit/loss statement to accompany it. it's just a means for the government to bully you to make sure you arent cheating on your taxes. There's nothing to worry about if you have all your receipts. it's just a PIA to take the time to sit through the audit. but may be worth it if it saves you 5x what your daily rate of pay is(for taking a day off).
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Re: When you win a boat/vehicle in a tournament...(paying taxes)
[Re: SkeeterRonnie]
#5825391
02/09/11 03:43 PM
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Joined: May 2005
Posts: 4,582
ChampionDon (SkeeterDon)
TFF Team Angler
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TFF Team Angler
Joined: May 2005
Posts: 4,582 |
make sure you have allllll your reciepts... because claiming fishing as a job instead of a hobby(writing off expenses which is a profit/loss statement).... claiming fishing as a job while you have another job... is a red flag. It can be done, BUT, like i said, have all your receipts. I was audited for making a profit/loss statement one year.. but with all my reciepts I checked out just fine the lady auditor told me it was because i showed fishing as a job along with another job. btw-- she said she had no idea why they were wasting both our time, because she had seen some guys who couldnt account for more money that I make in 2 years..... i was a small fry and wasting her time. Ronnie, you are easy prey that is why. I too was audited back in 96 for this same reason. I was told that they have a ratio to fill and their goal is to find something and they get dinged if they don't. I don't know how but they do. I was guiding and working a job. Thought they were going to disallow all my mileage because they said that each lake was my office and that I could not take the mileage from home (office) to the lake as a deduction. That was the broad statement, after further research during the visit, it was only the mileage that was less than 100 miles. I had like 11 trips that were 99 miles (yes less than 100) because I elected to go another way. That was all they could find. I tallied it up, wrote them a check for $175 for mileage, penalties and interest and was out of there. For all those that have a difficult time keeping receipts, I would suggest that you use another credit 100% for fishing related expenses, this is acceptable as well from what I am told. Mileage easy just mapquest and record it
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