Quote:
Originally Posted by txjoker
I have a serious question. How does that work come income tax time? Do you have to claim a $30k gain due to the value of the boat as income? I've often wondered about the STAR winners with their boats and trucks and how that works out. I understand if you would rather keep that private. It is just a question.
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The value of the boat Wich was about 27,000, was added to my income, thats called capitol gain (also put me in the next tax bracket, dropping my income tax return to fall from 15,000 to about 5,000). the place where the boat was originaly purchased made out a W-2 for me that I had to show on my tax return...plus when I go to register it its gonna cost me taxes on the boat, plus the DMV charges me taxes when i go get a plate for the trailor.
Uncle Sam ate my lunch with it but i still came out ahead.. Sometimes winning anything aint really all that good..