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re: Anyone want to buy a new 21' Contender for $25?
Posted on 1/3/13 at 3:36 pm to stewie
Posted on 1/3/13 at 3:36 pm to stewie
You do have to pay sales tax on it, which is nearly $6,000. However, if you win and say the total 1099-Misc they send you is $65,000 and you sell the boat for lets say $50,000, this becomes your Cost of Goods and you'll only have to pay income taxes on the $15,000 difference. So depending on your marginal rate..the tax damage could be minimal.
1
Posted on 1/3/13 at 4:29 pm to LSUchuck
Well, that's a game changing bit of info
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