A Friend Wins A new Boat

[Greene's Basin Girl]

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]

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

Congrats to Tim!

[rsmlp]

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

[brk-lnt]

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

I bet you're a riot at parties.

[secondcurve]

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]

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]

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