A Friend Wins A new Boat

Greene's Basin Girl · 08-09-2015, 11:39 PM

A friend of ours (Tim French from Laconia) recently won a boat in a golf tournament. Tim made an ace on the seventh hole at Laconia Country Club. He won a 2015 Chaparral Vortex Jet Boat from Fay's Boat Yard. He is a very lucky guy or should I say a superb golfer. Congratulations to Tim.

8gv · 08-10-2015, 06:18 AM

It's better to be lucky than good but GREAT to be both!

Congrats to Tim!

rsmlp · 08-10-2015, 06:40 AM

Hope he realizes he needs to pay tax on the value of the boat!

brk-lnt · 08-10-2015, 06:53 AM

Quote:

Originally Posted by rsmlp

Hope he realizes he needs to pay tax on the value of the boat!

I bet you're a riot at parties.

secondcurve · 08-10-2015, 07:14 AM

Quote:

Originally Posted by rsmlp

Hope he realizes he needs to pay tax on the value of the boat!

The boat dealer or the golf tournament organizer, not sure which one, is required to send the winner a 1099 form. This form notifies the IRS that the winner received income. Often times you will see the boat (or often car) dealer buy the prize back at the event. The winner than takes the prize money net of taxes. The car/boat dealer also usually does pretty well as they buy the car back at a good price as the winner isn't focused on getting the best price for the car/boat.

Greene's Basin Girl · 08-10-2015, 09:51 AM

Quote:

Originally Posted by secondcurve

The boat dealer or the golf tournament organizer, not sure which one, is required to send the winner a 1099 form. This form notifies the IRS that the winner received income. Often times you will see the boat (or often car) dealer buy the prize back at the event. The winner than takes the prize money net of taxes. The car/boat dealer also usually does pretty well as they buy the car back at a good price as the winner isn't focused on getting the best price for the car/boat.

I think that is what Tim is planning to do. The dealer just has to pay for the insurance that the business took out.

noreast · 08-10-2015, 01:57 PM

That's A nice little boat, Never owned a jet boat but I've been wanting to test one.

08-09-2015, 11:39 PM	#1
Greene's Basin Girl Senior Member Join Date: Sep 2009 Location: Moultonborough, NH Posts: 1,515 Thanks: 394 Thanked 527 Times in 269 Posts	A Friend Wins A new Boat A friend of ours (Tim French from Laconia) recently won a boat in a golf tournament. Tim made an ace on the seventh hole at Laconia Country Club. He won a 2015 Chaparral Vortex Jet Boat from Fay's Boat Yard. He is a very lucky guy or should I say a superb golfer. Congratulations to Tim.

The Following User Says Thank You to Greene's Basin Girl For This Useful Post:
thinkxingu (08-10-2015)

08-10-2015, 06:18 AM	#2
8gv Senior Member Join Date: Jan 2012 Posts: 2,009 Thanks: 61 Thanked 701 Times in 455 Posts	It's better to be lucky than good but GREAT to be both! Congrats to Tim!

08-10-2015, 06:40 AM	#3
rsmlp Senior Member Join Date: May 2005 Posts: 462 Thanks: 5 Thanked 160 Times in 81 Posts	Hope he realizes he needs to pay tax on the value of the boat!

The Following User Says Thank You to brk-lnt For This Useful Post:
thinkxingu (08-10-2015)

08-10-2015, 01:57 PM	#7
noreast Senior Member Join Date: Mar 2015 Posts: 648 Thanks: 316 Thanked 120 Times in 93 Posts	That's A nice little boat, Never owned a jet boat but I've been wanting to test one.