Texas Fishing Forum

Heartbroken 2018 Skeeter Zx190

Posted By: FishVibesTv

Heartbroken 2018 Skeeter Zx190 - 10/30/17 11:22 AM

With a heavy heart and many different calculations from our financial advisor, it’s in my best interest to get rid of the 2018 Zx190 Bug eeks crying

Long story short we are saving to get a new house next year and if I keep the Bug that won’t happen! Family 1st!

Once sold ill be looking for a more affordable Bug!

Damn this sucks! bang
Posted By: Frank the Tank

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 11:33 AM

Chin up, it's just a boat. Family is first. You're doing the right thing, manning up and takin care of priorities. These decisions will only help you as you become a father one day too and grow your family. It's tough, but we're all proud of you for making a mature decision. thumb
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 11:39 AM

Thank you “frank the tank” it’s bitter sweet, but I will get another boat just not a $36,000 boat
Posted By: SteezMacQueen

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 11:44 AM

Theres gotta be a way to keep the boat. You WON IT! Work a little OT to pay the taxes.

Damn man. This sucks.

I came so close to winning a boat, and should have....but, it was my mistake to cost me. All I can think about is not winning and BUYING this last boat. Trust me my friend. BUYING is more expensive than winning. Taxes and all.

Don't sell it.....you'll regret it.
Posted By: the skipper

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 12:07 PM

God will reward you for taking care of family first. It can be hard but you have to do what you have to do.
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 12:15 PM

“SteezMacQueen” when you’re salary it’s hard to get ot.. plus I’m gonna get another one once this sells and the rest of the cash I’m gonna use to pay the 1099 income tax at the end of the year!
Posted By: bigfishtx

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 12:23 PM

Originally Posted By: the skipper
God will reward you for taking care of family first. It can be hard but you have to do what you have to do.


thumb

Good responsible call there Fishvibes. I'm betting this all works out just fine for you!
Posted By: SteezMacQueen

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 12:52 PM

Originally Posted By: FishVibesTv
“SteezMacQueen” when you’re salary it’s hard to get ot.. plus I’m gonna get another one once this sells and the rest of the cash I’m gonna use to pay the 1099 income tax at the end of the year!


Man...I'm salaried too...

I still find a way to make extra money now and then. Buy a cheap house, fix it, and flip it. You'd be amazed how easy it is.
Posted By: UTDmiller

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 12:56 PM

You made the right call, a $36,000 boat win can easily turn into 10k taxes. Tough to let it go, but that money can really go towards a great down payment on a home. Also, congrats on the win!
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:02 PM

“UTDmiller” Thanks
Posted By: fouzman

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:03 PM

I respect you even more now, FishVibesTV thumb
Posted By: bbexotics

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:06 PM

So sorry to hear, but you are right,family first
Posted By: SoCal Tom

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:06 PM

Thinking with your head and not your heart. Congrats on the win and doing what is best for you and yours. cheers
Posted By: Bruce Bullard

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:16 PM

Good financial decisions are difficult. You aren't the first to sell a prize to better family life. The taxes and insurance aren't cheap and we all know you don't need a new boat to catch fish. The Good Lord will see you through. If you ever need a ride locally my back seat is available sometime.
Posted By: Andrew Y'Barbo

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:25 PM

10k financed for 8 years is 131$. Hahaha. I know what I would be doing
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:33 PM

i Have the money in our savings but don’t wanna touch..

My banker would loan me the money but then I have another bill to pay on top of all the other priority bills! Plus insurance, gas, maintenance etc... I’ll be in boat at the end of this deal! bannana2
Posted By: M. Alexander

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:46 PM

Originally Posted By: Frank the Tank
Chin up, it's just a boat. Family is first. You're doing the right thing, manning up and takin care of priorities. These decisions will only help you as you become a father one day too and grow your family. It's tough, but we're all proud of you for making a mature decision. thumb
Posted By: Chris_K

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:52 PM

I’ve always been curious and this thread is good as any to ask.. How much does it cost you to win a boat? I know you pay sales tax and I guess income tax, but what’s that total?
Posted By: Sinkey

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:53 PM

#RESPECT!

Family first man. We always will have time for fishing.
Posted By: tmd11111

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 01:57 PM

Originally Posted By: Chris_K
I’ve always been curious and this thread is good as any to ask.. How much does it cost you to win a boat? I know you pay sales tax and I guess income tax, but what’s that total?


Here's the kicker. The taxes are based off MSRP not what you actually paid if you were buying. With that being said sales tax is 6.25% and the 1099 taxes are around 28-30% IIRC. SO about 13k in all.
Posted By: WylieWalker

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:01 PM

Sell the family; keep the boat!
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:06 PM

Boat goes! Family stays! grin
Posted By: Chris_K

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:22 PM

Originally Posted By: tmd11111
Originally Posted By: Chris_K
I’ve always been curious and this thread is good as any to ask.. How much does it cost you to win a boat? I know you pay sales tax and I guess income tax, but what’s that total?


Here's the kicker. The taxes are based off MSRP not what you actually paid if you were buying. With that being said sales tax is 6.25% and the 1099 taxes are around 28-30% IIRC. SO about 13k in all.


I mean I’d take a new boat for 13k, BUT I see how that could be a huge kick in the pants too.
Posted By: Chasin Hogs

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:23 PM

Originally Posted By: WylieWalker
Sell the family; keep the boat!

Lmao.

Cheers to you man for making this decision.
thumb
Posted By: Donald Harper

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:26 PM

If you had a good tax person; they can show you how to file fishing as a second business, with all the expenses you had this year. Although you probably have not saved all those receipts along the way for each trip made in preparation for your tournaments. If you could do this the taxes that you would have to pay would be a wash. You never win more than you spend chasing these green fish. Something to thank about for the future; as you will win another boat down the road. My fishing business brings the taxes down payed in every year.
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:33 PM

That’s what I was told but failed to keep most receipts! My wife is gonna speak with a CPA today and get one last brake down to see if there’s hope in keeping the Skeeter!
Posted By: goodman1389

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:37 PM

Originally Posted By: FishVibesTv
That’s what I was told but failed to keep most receipts! My wife is gonna speak with a CPA today and get one last brake down to see if there’s hope in keeping the Skeeter!


If you have online banking, you should be able to get on and print statements showing how much you spent on tournaments, gas to and from tournaments, tackle, etc.
Posted By: grout-scout

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:39 PM

Yep, pretty sad that a won boat can’t even be free. Love the govt...
Posted By: Fishn_man

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:47 PM

It sucks to let go of your baby, I know. But remember,,,, It's just stuff, and you can buy more stuff. My boat is 17 years old and I bought it used back then and paid cash. Yes, I run it as hard as I ever did, and it fishes just as good as a new one.

Take care of your family and the "stuff" will come at the right time.
Posted By: T-racer @ Mallard Marine

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 02:52 PM

Sell it. Family first. Use the money for the house. Just use part of it and make sure you get at least a pretty nice used rig!! Good choice man.
Posted By: Ken A.

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 03:12 PM

Originally Posted By: tmd11111
Originally Posted By: Chris_K
I’ve always been curious and this thread is good as any to ask.. How much does it cost you to win a boat? I know you pay sales tax and I guess income tax, but what’s that total?


Here's the kicker. The taxes are based off MSRP not what you actually paid if you were buying. With that being said sales tax is 6.25% and the 1099 taxes are around 28-30% IIRC. SO about 13k in all.


I sold the truck & boat I won at a BC event. As far as the IRS is concerned the value of the merchandise won is "earned income" and is added onto whatever your other income happens to be. BC will issue a 1099 with their stated value of the boat. It is below MSRP.

The boat I won was valued at $35K I believe. The 1099 I received from BC was about $27K. I also received one for the Dodge truck. It was about $17K if memory serves me correctly. You add that together and the $42K is how much more "earned income" you have for that year in the eyes of the IRS. This may throw you into a higher tax bracket causing you to have to pay more income tax.
Posted By: Jarrett Latta

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 03:16 PM

Smart decision! Sell it and get a metal boat for 6-10k.
Posted By: RedEar12

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 03:38 PM

Originally Posted By: Jaret Latta
Smart decision! Sell it and get a metal boat for 6-10k.


I agree.
Posted By: Joe Todd

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 03:49 PM

I won the under boat in 2016. I will tell you that winning the boat was great BUT the taxes do get to you. I have a older model ZX 190 that is paid for. My advice is if this is really the boat you are looking for then find a way to keep it. No way will you ever be able to buy a boat of that caliber for 15,000. If it is not what you want and financially you want to use the money for family then by all means sell the boat. Nothing wrong with priorities. In my case I sold the boat because I had one that size. Had I won the bigger boat then "LUCKY" would have been sold and I would have kept the new one.
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 04:11 PM

Mr Todd I sent you a pm
Posted By: Okie Poke

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 05:03 PM

thumb #respectful
Posted By: DBFishing83

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 05:10 PM

.... What I said ....
GO FUND ME account page ,,,,,, give a shot before you sell ,,,, what the he**

everybody else does it for their reasons ......
Posted By: Fishing on a string

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 06:02 PM

Dude congrats. You need to keep the boat and start guiding. You now have the boat and skills to do it part time.
Posted By: Chris_K

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 07:27 PM

Originally Posted By: flukeman83
.... What I said ....
GO FUND ME account page ,,,,,, give a shot before you sell ,,,, what the he**

everybody else does it for their reasons ......


Not a bad idea. Unless you just really need access to some of the profits from the sale, give this a try.
Posted By: Insurance man

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 07:28 PM

Originally Posted By: WylieWalker
Sell the family; keep the boat!
roflmao
Posted By: DBFishing83

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 07:44 PM

....C'mon Man ......
think outside the box !!!!!!!!!
for $5K in TT& L and IRS taxes you should be able to put this thing together.
*** make that CPA earn their money ***
Options:
work the street corners in Dallas on the weekends with a sign asking for $$$
part-time guide
ballon man at children's parties
part-time painter
bake sale at the nearest Wal_Mart --- everyone does it.
Posted By: DBFishing83

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 07:49 PM

.... GOT IT .....

Put a map together of FishVibsTV's 5 most productive spots on Lake Fork.
sell that map for $50 each ,,,,, 100 maps = $5,000
,,,,BOOM,,, done.
I guarantee you there would be 100 guys pay $50 each to get YOUR 5 BEST LAKE FORK spots.
Posted By: fouzman

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 08:08 PM

Dang man, let the young man do what's best for him and his family. I already respected him for the way he fishes and his humble attitude. Pretty sure he has some lifetime goals. Owning a home is a helluva lot more important than owning a boat and for that, he earned even greater respect from me. It took me a long time to learn this but...finance necessities, pay cash for your toys or do without until you can.
Posted By: CCTX

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 08:21 PM

Congratulations again!

Just like fishing, trust your heart, your intuition, and yourself
You will do what’s right for you
Posted By: 361V

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 08:45 PM

Originally Posted By: fouzman
Dang man, let the young man do what's best for him and his family.
Ditto! It's just a boat.
Posted By: Bug-e

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 08:49 PM

Hang tough man! Talking with a financial advisor was a very smart move...never fun, but great job thinking this through.
Posted By: Jpurdue

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 09:05 PM

To be clear, the fiscally wise thing here is to sell the boat and then buy one equal to the after tax net.

A much less sensible option would be to just put less down on the house. Unless your down payment was over 20% you are going to pay PMI anyway. The difference between 15% down and 10% down is nearly negligible in the payment. It would cost you in the long haul, but on the short term you could have your cake and eat it too.
Posted By: cephusjoe

Re: Heartbroken 2018 Skeeter Zx190 - 10/30/17 11:46 PM

I always plan to sell the boat if I won it in one of those tournaments.
Posted By: GIG'EM AGGIES

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 12:19 AM

D, I started to recommend selling the boat the minute I saw you won it but didn't won't to get into your business. I sold the boat I won for the much the same reasons but mostly taxes. You'll come out with enough money to upgrade from your present boat and also get moved into a home. Heck who knows, you might win another boat next year. You doing the right thing buddy. thumb
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 12:39 AM

The overall reason for selling the boat is to not get money for a new house it’s to get money to get for 1099 taxes and a cheaper boat that doesn’t need batteries, oil service and to be broke in like this one needs

There’s a lot of money involved before the boat ever touch’s the water Lol

I’ll be in another boat come tournament time I promise!
Posted By: Ken A.

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 12:59 AM

Originally Posted By: FishVibesTv
The overall reason for selling the boat is to not get money for a new house it’s to get money to get for 1099 taxes and a cheaper boat that doesn’t need batteries, oil service and to be broke in like this one needs

There’s a lot of money involved before the boat ever touch’s the water Lol

I’ll be in another boat come tournament time I promise!


Let's talk tomorrow. I can give you some pointers.
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 01:24 AM

Ok Mr Ken
Posted By: SteezMacQueen

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 03:31 AM

Not a chance in HELL I'd let the boat go.

Your family should want you to keep what you worked hard for and won.
Posted By: Hog Jaw

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 04:49 AM

Keep the boat
Posted By: Bobby Milam

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 05:55 AM

You're doing the smart thing. Sell the boat, pay the taxes and then go buy another. Winning that boat costs you a lot in taxes. The way you are doing it you won't owe anybody a dime. When I've entered those tournaments, I knew in advance that I'd sell it if I won it. I don't need a brand new boat to catch fish or have a good time on the water.

Buying a house is an investment. A new boat isn't.
Posted By: SkeeterRonnie

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 06:24 AM

id sell the boat, too. pay the taxes, then pay cash for a great used one. that way you arent in the hole starting off. and if it's for a house, that's a heck of a down payment.
Posted By: Bradshuflin aka hunter'sdad

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 06:31 AM

Originally Posted By: SkeeterRonnie
id sell the boat, too. pay the taxes, then pay cash for a great used one. that way you arent in the hole starting off. and if it's for a house, that's a heck of a down payment.


+1
Posted By: Chuck A

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 08:58 AM

No matter what you do with the boat (and for what it’s worth I believe you are doing the manly/fatherly thing by taking care of your families future first and foremost) the fact will remain that you did in fact win the boat and that’s just bad A$$
Posted By: ZX225(Radio)

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 10:55 AM

Do not PUT ANY GAS into the boat because it becomes a used boat at that point!! FYI
Posted By: tmd11111

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 11:33 AM

Originally Posted By: ZX225(Radio)
Do not PUT ANY GAS into the boat because it becomes a used boat at that point!! FYI


Technically it don’t become a used boat until it’s titled
Posted By: leethefishking

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 11:42 AM

Fishvibes, just know that you can write off basically all your tourney expenses for the year. This includes entries, hotel, mileage and tackle. No way that you will be stuck with full price of the boat. Even the sales tax will be deductible.
Posted By: SteezMacQueen

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 11:42 AM

Wanna win a TZX190?

I'll trade you my (semi)mint condition 2003 for your brand new one....and I'll pay the taxes on the boat.

Posted By: Neches

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 02:09 PM

Originally Posted By: tmd11111
Originally Posted By: ZX225(Radio)
Do not PUT ANY GAS into the boat because it becomes a used boat at that point!! FYI


Technically it don’t become a used boat until it’s titled
It was used as soon as he hooked it on his truck and drove off with it. Don't expect to get the sticker price for it. It won't even be close.
Posted By: TDR2

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 03:29 PM

Sell it and let someone else deal with the depreciation. Its a damn boat and probably not the one you would have picked out for yourself given the chance. Sell it and when the time is right, go out and find one you want that makes sense financially.
Posted By: AWT786

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 04:57 PM

That is correct as soon as the keys were handed to you it became a used boat.Also be sure to carry it to a dealer to have a PDI done and your warranty registered with Yamaha. The engine is probably dry even in the foot.
Posted By: Banker Fisherman

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 05:03 PM

Good things come to those that wait...It was great seeing you and your family out there at the Berkley Tournament. In the end, it is just a boat....besides, a house will hold its value more and will be better for the family.
Posted By: JIM SR.

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 05:26 PM

autograph those 'bass shoes', auction them on E-bay,..they should go for thousands now.. clap
Posted By: txninja

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 05:34 PM

Think about it this way. If you won in cash the value of the bass boat, would you at this point in your life go buy the bass boat?
Posted By: T-racer @ Mallard Marine

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 08:11 PM

Originally Posted By: txninja
Think about it this way. If you won in cash the value of the bass boat, would you at this point in your life go buy the bass boat?
See this is the way I think of it. Spot on.
Posted By: coachallentca

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 08:23 PM

Originally Posted By: txninja
Think about it this way. If you won in cash the value of the bass boat, would you at this point in your life go buy the bass boat?


Go and buy a nice used boat. There are some nice used boats for sale.
Posted By: GIG'EM AGGIES

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 09:10 PM

Originally Posted By: leethefishking
Fishvibes, just know that you can write off basically all your tourney expenses for the year. This includes entries, hotel, mileage and tackle. No way that you will be stuck with full price of the boat. Even the sales tax will be deductible.


Better have receipts for everything and if you deduct mileage for your truck you have to have a log book showing exact mileage used strictly for tournaments. Ask me how I know.
Posted By: GROD

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 10:29 PM

^^^^^ see you played the IRS lotto... they can’t audit everyone... some win and some will lose...
Posted By: Bobby Milam

Re: Heartbroken 2018 Skeeter Zx190 - 10/31/17 10:59 PM

You can upgrade it to a 20' or 21' boat with no out of pocket and be even happier.
Posted By: BOZZ

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 02:44 AM

Sent you a pm.

Bozz
Posted By: txmasterpo

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 03:55 AM

I would never even consider keeping a boat I won.....sell it, pay Uncle Sam, and put 26 k in savings.....smart man

Too many good used boats that some other sucker paid the depreciation on!
Posted By: cephusjoe

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 04:50 AM

Originally Posted By: txmasterpo
I would never even consider keeping a boat I won.....sell it, pay Uncle Sam, and put 26 k in savings.....smart man

Too many good used boats that some other sucker paid the depreciation on!


Same here, I own a 2011 zx 190. I love my boat. I'm sure it fishes the same as that new one. The sho will get better gas mileage sure. He can get my boat in the 17 to 22K range. Sell his for 33K EASY maybe more.

Me and partner fish the Skeeters and the Berkley. We split gas, lodging, and winnings right down the middle. Only caveat is if one of us win the boat we will knock 10K off best deal in nation, if one of us wants buy it from each other. We sell to another individual and split the $$$.
Posted By: Basscat Puma FTD

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 12:38 PM

Doing the right thing is now always easy... much respect.
Posted By: patriot07

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 12:44 PM

I have lots of respect for someone that has their priorities right. However, if you're going to buy a different boat anyway, then you're just kind of hosing yourself for selling this one. You're going to pay taxes on it regardless whether you sell it or not. And if you buy another one, then you're going to pay taxes on that. And you have all the hassle of getting rid of this one for top dollar and finding another one for bottom dollar.

If you said you were going to sell it, get the house stuff taken care of, and then buy another boat in 3-4 years, then I'd say it makes sense. Selling this one just to buy a different boat is pretty counter-productive IMHO. Only reason I could see that making sense is if you are going super cheap on the replacement. Then the math starts to make more sense.
Posted By: SteezMacQueen

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 01:00 PM

Originally Posted By: patriot07
I have lots of respect for someone that has their priorities right. However, if you're going to buy a different boat anyway, then you're just kind of hosing yourself for selling this one. You're going to pay taxes on it regardless whether you sell it or not. And if you buy another one, then you're going to pay taxes on that. And you have all the hassle of getting rid of this one for top dollar and finding another one for bottom dollar.

If you said you were going to sell it, get the house stuff taken care of, and then buy another boat in 3-4 years, then I'd say it makes sense. Selling this one just to buy a different boat is pretty counter-productive IMHO. Only reason I could see that making sense is if you are going super cheap on the replacement. Then the math starts to make more sense.


E X A C T L Y !!!!
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 01:52 PM

That’s what I plan to do! Buy a decent used boat that’s mechanically sound, that will allow me to fish these big bass events! None of this money is going towards buying a new house.. that’s what our savings is for..

This Money is going towards the 1099 tax which is a decent chunk of change and another boat that will allow this weekend fisherman to continue to enjoy the sport he loves!

I wish I could pull the money out my A$$ to cover everything and keep the beautiful Skeeter! But unfortunately that’s not how my bank account is setup!

It basically doesn’t put us in the hole starting off 2018 if I sell it pay the taxes and get a cheaper boat to enjoy weekend fishing
Posted By: Bobby Milam

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 05:34 PM

Originally Posted By: patriot07
I have lots of respect for someone that has their priorities right. However, if you're going to buy a different boat anyway, then you're just kind of hosing yourself for selling this one. You're going to pay taxes on it regardless whether you sell it or not. And if you buy another one, then you're going to pay taxes on that. And you have all the hassle of getting rid of this one for top dollar and finding another one for bottom dollar.

If you said you were going to sell it, get the house stuff taken care of, and then buy another boat in 3-4 years, then I'd say it makes sense. Selling this one just to buy a different boat is pretty counter-productive IMHO. Only reason I could see that making sense is if you are going super cheap on the replacement. Then the math starts to make more sense.


He is saving like 10 grand in out of pocket taxes to the IRS. It's not just sales tax that is being talked about. He won't pay those taxes on another boat because that won't be earned income. Makes perfect sense to avoid having a winning boat cost him a lot of money out of his pocket.
Posted By: the skipper

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 05:42 PM

Originally Posted By: FishVibesTv
That’s what I plan to do! Buy a decent used boat that’s mechanically sound, that will allow me to fish these big bass events! None of this money is going towards buying a new house.. that’s what our savings is for..

This Money is going towards the 1099 tax which is a decent chunk of change and another boat that will allow this weekend fisherman to continue to enjoy the sport he loves!

I wish I could pull the money out my A$$ to cover everything and keep the beautiful Skeeter! But unfortunately that’s not how my bank account is setup!

It basically doesn’t put us in the hole starting off 2018 if I sell it pay the taxes and get a cheaper boat to enjoy weekend fishing

Not a thing wrong with doing that. I imagine there's probably a few guys willing to work a trade deal and pay those taxes on here
Posted By: patriot07

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 06:09 PM

Originally Posted By: Bobby Milam
Originally Posted By: patriot07
I have lots of respect for someone that has their priorities right. However, if you're going to buy a different boat anyway, then you're just kind of hosing yourself for selling this one. You're going to pay taxes on it regardless whether you sell it or not. And if you buy another one, then you're going to pay taxes on that. And you have all the hassle of getting rid of this one for top dollar and finding another one for bottom dollar.

If you said you were going to sell it, get the house stuff taken care of, and then buy another boat in 3-4 years, then I'd say it makes sense. Selling this one just to buy a different boat is pretty counter-productive IMHO. Only reason I could see that making sense is if you are going super cheap on the replacement. Then the math starts to make more sense.


He is saving like 10 grand in out of pocket taxes to the IRS. It's not just sales tax that is being talked about. He won't pay those taxes on another boat because that won't be earned income. Makes perfect sense to avoid having a winning boat cost him a lot of money out of his pocket.


He has to pay the income tax regardless of whether he keeps it or sells it. That's my point. Selling it doesn't get rid of that. It just pays it and gives him a boat worth less, plus the taxes someone else has to pay on his boat plus the taxes he has to pay on a boat he buys.

Example (with made-up numbers):

If someone decides they want to pay a total of $30k for his boat, then he gets $27.7k, the state of Texas gets $2.3k in sales tax, and then he clears $14.7k after he pays his $13k in income taxes. So he has $14.7k to spend, which means he can buy a boat for $13.6k so he can cover the sales price and taxes for $14.7k.

So in reality, he gave up $16.4k in value ($30k - $13.6k) to avoid paying the $13k in taxes. The taxes here are like realtor fees in house sales. Every time you make a transaction, it's something that you pay that adds zero value to what you end up owning.

If he doesn't want to owe anything, that's fine. Just realize that unless you can work out a deal like skipper had or you're going to a much, much cheaper rig, then you're donating a percentage of your value for nothing other than to fund politicians in Austin.
Posted By: Bobby Milam

Re: Heartbroken 2018 Skeeter Zx190 - 11/01/17 07:09 PM

Yes there are fees involved and I understand what you are saying but he never owned a 30k boat because it is income and taxable. He only owned roughly the equivalent of a 17k boat (30k - 13k taxes). Sure there is the state taxes on 2 boats still to deal with but those are relatively minor.

That's the problem with tournaments that give boats away. You look at it initially and think you just hit the jackpot and then later get a kick in the gut when you calculate how much it will cost you. Still a great win but I'm sure it is quite disappointing to run the numbers and have to decide what to do like the OP has.
Posted By: criglizard

Re: Heartbroken 2018 Skeeter Zx190 - 11/02/17 12:38 AM

I agree with what some others have pointed out, if you plan to buy another boat, you need to go really cheap to have this make sense. The used boat market is up overall this year, granted prices should drop a little with the cooler months ahead. But not much in Texas. I am surprised at the prices some boats are drawing compared to just a few years ago.

Boat length is nice but a new motor is nicer. You will get a fraction of the boat you just won. Fraction meaning...an older motor that is more likely to give you trouble in a year or three. Have you considered maintenance and the value of the warranty on that Skeeter/Yamaha combo?

Winning boats in tournaments is great if you either want that boat or absolutely do not want that boat. If you win the boat, sell it, and buy a cheaper one...well, you have to really work hard to have it make the most sense.

Great job on the win though, that's the best part of the whole thing....glory and memories.
Posted By: jcwebb70

Re: Heartbroken 2018 Skeeter Zx190 - 11/02/17 12:07 PM

First: It's not my business what anyone does with their prizes. Vibes was smarter than most for seeking advice from a financial advisor, I'd have been so excited I'd sell my old boat on the spot, then be in trouble when I did my income taxes. I'm guessing he can sell the boat, pay cash to the IRS, and pay cash for a used boat therefore having an upgrade over what he currently has. He will not owe the IRS anything nor will he owe anything on his boat. If he keeps the boat, he'll pay sales and income taxes, pretty late in the tax year to make adjustments to your witholdings, maybe it would just eliminate his return, or maybe he's got his taxes set up to just get the minimum return in which case he could very well be bumped to the next bracket and be slammed with a tax bill therefore owing the IRS, been there. I don't know about anyone else, but I don't have $3K+ sitting around to pay the IRS on tax day after they've taken $2K+ each month for 12 months. Yes... I'm praying or tax reform before the end of the year that is retro-active to Jan. 2017.

Vibes: Congratulations...you earned it the old fashioned way...hard work and patience. Disciplined financial decisions that fit you and your families needs will allow you to keep enjoying fishing and winning.
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 11/02/17 02:09 PM

Boat is pending sale! Thanks everyone for the pro’s & con’s on The situation.

I’ve looked into the new trackers, G3’s and a few more rigs for $15,000 & under with warranty.

I don’t fish as much as some of you guys so there’s no need for me to get a monster rig when it will be used maybe 15-20 times a year.

If you know or have any nice affordable rigs send me pics and info..903-458-5609

Tight lines and maybe I’ll see some of you on the water
Posted By: txmasterpo

Re: Heartbroken 2018 Skeeter Zx190 - 11/03/17 02:26 PM

He threw some Kevin Hart at you and you missed it clap
Posted By: BAllen91

Re: Heartbroken 2018 Skeeter Zx190 - 11/03/17 02:56 PM

Good on you, FishVibes. He has a boat that he has probably always dreamed of in his driveway and is making the manly decision to let go of it for his families needs. I have a spot on my front/back deck anytime you want to fish Fork, LoP, Gilmer, etc..
Posted By: FishVibesTv

Re: Heartbroken 2018 Skeeter Zx190 - 11/03/17 07:11 PM

Appreciate that “ballen91” I pm you my contact info
Posted By: 2111-15

Re: Heartbroken 2018 Skeeter Zx190 - 11/03/17 11:50 PM

I sent you a PM Fish.
Posted By: daman

Re: Heartbroken 2018 Skeeter Zx190 - 11/04/17 01:07 AM

Originally Posted By: fouzman
Dang man, let the young man do what's best for him and his family. I already respected him for the way he fishes and his humble attitude. Pretty sure he has some lifetime goals. Owning a home is a helluva lot more important than owning a boat and for that, he earned even greater respect from me. It took me a long time to learn this but...finance necessities, pay cash for your toys or do without until you can.
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