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re: Anyone want to buy a new 21' Contender for $25?
Posted on 1/3/13 at 11:53 am to TJG210
Posted on 1/3/13 at 11:53 am to TJG210
quote:
quote: the winner will still have to shell out about $20k in taxes and fees to keep the boat
That seems a bit steep, I think they valued the package at apox. $65,000.
My advice, hire (if you don't already have one) a good CPA.
1
Posted on 1/3/13 at 12:33 pm to stewie
quote:
That seems a bit steep, I think they valued the package at apox. $65,000.
You have to pay sales tax and registration fees at the declared value of the boat. You also have to pay income tax on the winnings at a rate of 25% of declared value. The income tax alone is more than $16k. There is some offset on the income tax for sales tax but I'm not sure how that works out. By my estimate you will have to pay about 30% of the value of the boat for sales and income tax, title and registration.
I still bought 2 tickets.
This post was edited on 1/3/13 at 12:35 pm
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