bump

is everything still on ?? did we ever determine if this is legal ?

YUP...... still on and legal. We are linked with a non profit group and waiting for officail docs fromthe state which are in the mail.

Look for my boat on ebay soon so I can pay the taxes.

Certainly an org accepting checks has "official docs" by now.

Please post a .pdf of your license.
And also... please identify the non-profit, they deserve some PR from being involved in this. I want to visit their website. I want to learn more about any non-profit that partners with offshore boat sellers. Way cool. Love them.

Oh... and have you identified the impartial third party making the draw yet? That would be comforting to know.

I want to buy a ticket.

Just need to look into that non-profit and verify the state docs.
Need to see the language.
Thanks!

I'll second that. Would like to buy some tickets but it still appears that you started this without any of the correct paperwork and approvals in place (just how this thread reads) and the devil is certainly in the details in a transaction like this.

Is there a CLEAR title for this boat???

I would hope with the 100k collected, it would be clear by the time the winner went to pick it up.

Anybody know what kind of tax liability there is if you win?????? How does that work???????? Sorry, but I don't have 30k laying around to pay taxes.

If it is like anything else you win in this kind of situation, you will owe Fed taxes on the difference between the value of what you win, and the cost of the ticket(s) you buy.

They raffle off a 250K house in our community every year. Win it, and you owe your tax bracket on what your gain is.

So if the IRS values this boat at 200K+, you are going to pay more than 30K in taxes.

But look at the bright side - you can sell your current AT to pay Uncle Sam.

Problem is when/if I sell mine, in todays market, I can pay off the loan on it and maybe have enough $$$ left to fill the tanks in the new one a couple times.

I would argue that the boat is worth 100k. It was posted that it could be bought for that much.