http://www.texasfishingforum.com/.ubb/ultimatebb.php?ubb=get_topic;f=17;t=000150

Large ticket items like cars and boats are counted as income, usually the MSRP of the item is added to your salary and the taxes are determined by the resulting tax table. I'm no expert and I certainly do not speak from experience, but that is the way I understand the process. Someone else may have better knowledge (CPA, perhaps!)

Oh, I forgot to mention...I also believe that if you sell the item won for cash then you only have to report the amount received from the sale. Again, just what I hear.

Are you still leading the star? Congrats

when and if i win, the boat will be sold for $1.00

yea,i'm still in the lead. THANKS!

do you think i should put aside about 25 to 30 percent of the total for the IRS at the end of the year? i'm so poor, i can't even afford too WIN a boat?????fish on!

if thats the case- you may have to sell the baot- pay the taxes and then whats left over is yours. Isnt out govt great. You can comeover here as a foreigner and get money handed to you- but if you were born here- all you do is pay in.... biggest crooks out there are in the white house.

just got off the phone with the IRS ,they suck!!! i get over $3000 a year bace and if,no no no, when i win this boat, i will not only not get my $3000, but will have to still come up with another $1500 to $2000. thats BS!!! hope i'm wrong!fish on!

I knew a couple of guys who had to sell new bassboats after winning them to pay taxes, so don't feel bad.
Remember that if you sell the boat for $1.00 it will raise a red flag and you will be taxed at MSR and have a serious audit by our Infernal revenue service.

thanks for the replys. the irs needs to be stopped! it's not any fun anymore. i will sell the boat for a good deal too someone just to pay the taxes and put a few $$$$$ in my pocket.sure would be nice to have a new boat??????

you're not alone, if I were ever to get so "lucky" it would be sold asap to help put some $$ towards my existng truck/boat loans. Someone would get an AWESOME deal!