Softub PIF Giveaway...Thanksgiving Day is the day!!!

I've written up 4 of our largest tubs and a grip of other sizes

$4395.00 plus local sales tax came to $4779.56 plus 100.00 to deliver they didn't have a pickup.

Tub fits across a pickup bed two straps to secure it!!! Weighs 75 pounds empty!!!

This was from Sunday!!!



Yeah it's for PIF shouldn't be tax if it's for something good right???...state doesn't care...and I'm not paying it...either is the dealer!!! They and I are paying for the tub!!! That's how the cookie crumbles...and I'm done with the back seat drivers...don't mean to sound negative...but hey I take hard earned money and give it away...now who plans for that???

So I wanted to clarify something on this. If I win the hot tub I will have to pay taxes on it if I want to actually take ownership of it???

Yep that's right...not my call...but that's the way it is!!! Nothing I can do about it......

And as far as "thought out more at the start" it is what it is....there was no planning it out!!! I took a thought and made it happen...after its all said and done...kinda wish I hadn't done it... but its for PIF...how can you so no to that!!

I did this to help a brother out............

Maybe someone can start a Softub tax donation fund so that this conversation would be moot.....................

To everyone that thinks it should be a certain way...have at it...

Don't trip Bro. I think most people know that you are doing this out of love and not anything else. Some folks just have to nit-pick the hell out of everything first. It'll all work out.

You can draw my ticket.......I'll gladly pay the sales tax.  Thanks for your efforts Sledge.

You da man sledge! You're doing a good thing and I know your heart is in the right place

You can draw my ticket.......I'll gladly pay the sales tax.  Thanks for your efforts Sledge.

If I win, I'll put it in my RV! 

You can draw my ticket.......I'll gladly pay the sales tax.  Thanks for your efforts Sledge.

X2!!!!

Thanks for all your efforts Mike. We all really appreciate it. I want the tub in my backyard!

I want the tube in my backyard!

You want his tube in your backyard???? sounds kinda kinky too me.....

Sledge I'm not questioning your motive. You didn't twist my arm to give you money at GS8. If my tickets pulled I will more than likely pay the tax if I have the $$$. Not all are as fortunate as others on here and that's why my comment was made.

But like I said. I support PIF or any brother or sister in need here on NCKA. Have since I joined and will always try to do as much as I can in the future.

I want the tube in my backyard!

You want his tube in your backyard???? sounds kinda kinky too me.....

Doh!

Generally speaking, any prize you win in a tounament, derby, PIF drawing, etc. is taxable and should be reported on your tax filings.

-Allen

For raffles or 'opportunity drawings' in CA, you should report it as additional income on line 21 of your 1040 only IF...the value of the prize exceeds $600 AND is worth more than 300 times the cost of the wager/ticket... So if I win, I probably wouldn't report it because condition #2 was not met unless the value is > 6K...

For raffles or 'opportunity drawings' in CA, you should report it as additional income on line 21 of your 1040 only IF...the value of the prize exceeds $600 AND is worth more than 300 times the cost of the wager/ticket... So if I win, I probably wouldn't report it because condition #2 was not met unless the value is > 6K...

I think that is true for opportunity drawing.  I don't think it is true for tournament winnings.  But keep in mind for tournament winnings, say a $1000 kayak, it would be pretty easy for most of us to write that off against fishing expenses.

-Allen

If I win, I will throw down a ninja smoke puck and disappear!

For raffles or 'opportunity drawings' in CA, you should report it as additional income on line 21 of your 1040 only IF...the value of the prize exceeds $600 AND is worth more than 300 times the cost of the wager/ticket... So if I win, I probably wouldn't report it because condition #2 was not met unless the value is > 6K...

Well, federal tax law would disagree with you    if you win a raffle, they expect you to report it, minus your ticket cost.  The $600 actually does not apply to the individual, even if you won $50 in a raffle you're supposed to report it.  The $600 is a general threshold for an organization to report winnings on a Form 1099 W2-G.  But if this stuff is all kept on the down low, then the likelihood of the IRS catching it is...well....no comment.

Same thing for fishing tournaments, etc.  You're supposed to report your winnings.  There's tons of ways to try and deduct the costs against those winnings but they should be very well documented and you should consult a professional if you choose to do so. Tax history is littered with the failings of people who have tried to make up gambling losses to offset large gambling winnings.