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WIN a 37 AVH - Active Thunder

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Old 10-17-2008, 12:22 PM
  #111
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OK here are answers

The boat and traileris free and clear titles.

The LDA of New York State
Learning Disabilities Association .... it will be on their website in a few days.

LDA of New York

The boat is located and be picked up in St. James New York

We changed the odds before any tickets weere sold and updated with the state as 1 in 400.

Last edited by TSPM; 10-17-2008 at 12:35 PM.
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Old 10-17-2008, 12:59 PM
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Originally Posted by Griff View Post
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.
The amount paid for the ticket is not deductible as a charitable contribution. They are deductible to the extent of gambling winnings (i.e. its treated as a gambling activity).

The winnings being taxable is a grey area. If properly set up it could be considered a gift (i.e. not taxable), but the general rule would be to treat it as gambling winnings.

Last edited by TexomaPowerboater; 10-20-2008 at 10:51 AM.
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Old 10-17-2008, 01:44 PM
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Originally Posted by CanDo View Post
I think I'll sit out on this one. Theres other boats out there anyways. the markets flooded with better boats than the AT anyways. Take your pick.
Are you referring to this boat or just A.T.s in general?
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Old 10-17-2008, 02:05 PM
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Are you referring to this boat or just A.T.s in general?
Thats kinda what I was wondering
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Old 10-17-2008, 02:47 PM
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Originally Posted by JoeD View Post
Half way thru the game you change the rules? I believe thats fraud.
You cannot change the odds of a game once it has started.
The actual odds really didn't change anyway. If you spend the original $1000 and buy 4 tickets your odds of winning are still 1 in a 100.

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Originally Posted by cosmic12 View Post
I Lean more towards keeping your 32 & selling the 37. You could get alot more gas
There's a lot of possibilities. Maybe sell the less 37 less power & drives( & put them in the 32)or put um both up for sale and see which goes. The problem is I need another 6 feet of garage for the 37.

Last edited by Griff; 10-17-2008 at 02:51 PM.
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Old 10-17-2008, 09:19 PM
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Originally Posted by TexomaPowerboater View Post
The amount paid for the ticket is not deductible as a charitable contribution. They are deductible to the extent of gambling winnings (i.e. its treated as a gambling activity).

The winnings being taxable is a grey area. If properly set up it could be considered a gift (i.e. not taxable), but the general rule would be to treat it as gambling winnings. On another note, if it is taxable - your basis is increased to the FMV or income claimed, so no gain when you decide to sell down the road. If its not taxable you basically have no basis and you'll pay the tax when you sell. They will get you either way.
I bet the winnings being taxable is not very grey to the IRS - and there are very clear IRS laws on gifts - and how much GIFT you can get in a given tax year.

Plan for the gambling rules to apply if you win.
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Old 10-18-2008, 11:23 AM
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I bet the winnings being taxable is not very grey to the IRS - and there are very clear IRS laws on gifts - and how much GIFT you can get in a given tax year.

Plan for the gambling rules to apply if you win.
As we understand things........Gambling Rules do not apply because of the NON PROFIT structure of the prize and the organiztion behind it.......which is different than winning in Vegas.
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Old 10-19-2008, 12:06 PM
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As we understand things........Gambling Rules do not apply because of the NON PROFIT structure of the prize and the organiztion behind it.......which is different than winning in Vegas.
Our yearly house raffle is held by the Catholic High School, also non profit. But the winner still gets to pay income tax on the value of the house they win.
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Old 10-19-2008, 01:40 PM
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Keep it coming I'll have my accountant figure out the tax thing. I'll be happy to win and pay the taxes.
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Old 10-19-2008, 08:37 PM
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Can't anyone, put what it would cost you if you won this boat, State Taxes and all other expenses, before you could walk a way with it.?
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