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Started By
Message
re: Now with Pics: WWTOBD?
Posted on 12/7/12 at 9:05 am to Ole Geauxt
Posted on 12/7/12 at 9:05 am to Ole Geauxt
How is this even a question? Sell it.
0
Posted on 12/7/12 at 9:08 am to The Last Coco
quote:
my sanity and her getting used to me having a boat were more important than an extra loan payment in the future.
I bought a boat 3 weeks after I returned from my honeymoon.
This post was edited on 12/7/12 at 9:23 am
Posted on 12/7/12 at 9:28 am to 34venture
quote:
I bought a boat 3 weeks after I returned from my honeymoon.
Yea but you ain't normal
Posted on 12/7/12 at 9:35 am to GetMoney11
No matter what you do with it, you're gonna hafta pay income taxes on the FMV of the whole rig. Just keep that in mind. Congratulations, though! Wish I had your problem!
Posted on 12/7/12 at 9:38 am to Nascar Fan
quote:
Yea but you ain't normal
True, but like Coco my wife is getting her PHD and I told her if I put a roof over her head I needed a T-Top over mine.
Posted on 12/7/12 at 9:41 am to 34venture
quote:
True, but like Coco my wife is getting her PHD and I told her if I put a roof over her head I needed a T-Top over mine.
Posted on 12/7/12 at 9:58 am to The Last Coco
quote:
ETA: Im married and the wife is in med school. We have lots of school loans, but I still bought a small boat this past year because my sanity and her getting used to me having a boat were more important than an extra loan payment in the future.
Almost the exact same as me, except I'm not married and she is in her residency. have not bought my boat YET. It is already established that a boat is coming.
Oh and I would keep the rig, congrats
Posted on 12/7/12 at 10:17 am to sloopy
The OP really needs to find out what the TTL will be. If he can afford to pay it without it putting him in a bind then go ahead and keep it.
Posted on 12/7/12 at 10:20 am to sloopy
Total value: $14500
Tax : $1560
Should be able to downsize to a 14' 15hp pro drive and still have alittle $ left over. I don't need an 18' boat or the 35hp motor where I hunt in cenla. Going to pick it up at 1 in BR, pics to come
Tax : $1560
Should be able to downsize to a 14' 15hp pro drive and still have alittle $ left over. I don't need an 18' boat or the 35hp motor where I hunt in cenla. Going to pick it up at 1 in BR, pics to come
Posted on 12/7/12 at 10:24 am to GetMoney11
Would you also need to claim that on your income taxes?
Posted on 12/7/12 at 10:24 am to GetMoney11
Damn taxes 
Posted on 12/7/12 at 10:29 am to Nodust
Dunno yet. They are still trying to decide if I even need to pay the taxes. Department of revenue is "unfamiliar" with this situation...
Let's hope my good luck keeps rolling
Let's hope my good luck keeps rolling
Posted on 12/7/12 at 10:40 am to GetMoney11
Think clear. They will have the right to come back later and assess, probably, maybe. When I win contests & have to give ss number, it goes on income, therefore taxed anyway, irregardles of sales tax..
I ain't a CPA though.. Fixin to text one and tell him to get his butt in here.
Think clear. Lol
I ain't a CPA though.. Fixin to text one and tell him to get his butt in here.
Think clear. Lol
Posted on 12/7/12 at 10:42 am to Ole Geauxt
quote:
Fixin to text one
You haven't used up your 5 texts already?
Posted on 12/7/12 at 10:44 am to BarDTiger81
Ha ! Headed to at n t now. Went 50 dollas on overages, dangit
Posted on 12/7/12 at 10:46 am to GetMoney11
My son won one & yes you get taxed & taxed again at the end of the year
ETA: Trying to resgister it was also APITA it took over a year to finally get his numbers
ETA: Trying to resgister it was also APITA it took over a year to finally get his numbers
This post was edited on 12/7/12 at 10:50 am
Posted on 12/7/12 at 11:14 am to Nascar Fan
I'm a CPA that was paged to this thread....
Yes, you're supposed to pay income tax - both state and fed - on the fmv of that boat.
Did they 1099 you with the boat? Will they at year end? This is the critical question.
No taxing authority will be aware of this little transaction absent a 1099. If you know the treasurer of the du committee (I think that's where you won it, right?), ask him if they prepare 1099's.
If they do, prepare your anus come tax time. If they don't, you'll be left up to your own (or your CPA's own) conscience as to whether or not you claim the income on your 2012 return.
As for the TT and L, yes, it's my understanding that you'll need to register it, pay sales/use tax on it's fmv at the time, etc. I think nowadays, they'll just input the info into a computer by make/year model, etc, and charge you based on "what comes up". Obviously, if they ASK you the value, you've got a little fudge factor.
Either way, you gotta boat for either the its (fmv x your marginal tax rate) + ttl, OR just TTL, depending on your conscience/the 1099 question.
I'd keep it, but Ima OT baller and shite.....lol
Edit: If any of my friends at the La Dept of Revenue or IRS are reading this thread, I do not advocate the leaving out of income from a tax return just because you weren't 1099'd. Additionally, 100% of my client's report 100% of their income 100% of the time.
Yes, you're supposed to pay income tax - both state and fed - on the fmv of that boat.
Did they 1099 you with the boat? Will they at year end? This is the critical question.
No taxing authority will be aware of this little transaction absent a 1099. If you know the treasurer of the du committee (I think that's where you won it, right?), ask him if they prepare 1099's.
If they do, prepare your anus come tax time. If they don't, you'll be left up to your own (or your CPA's own) conscience as to whether or not you claim the income on your 2012 return.
As for the TT and L, yes, it's my understanding that you'll need to register it, pay sales/use tax on it's fmv at the time, etc. I think nowadays, they'll just input the info into a computer by make/year model, etc, and charge you based on "what comes up". Obviously, if they ASK you the value, you've got a little fudge factor.
Either way, you gotta boat for either the its (fmv x your marginal tax rate) + ttl, OR just TTL, depending on your conscience/the 1099 question.
I'd keep it, but Ima OT baller and shite.....lol
Edit: If any of my friends at the La Dept of Revenue or IRS are reading this thread, I do not advocate the leaving out of income from a tax return just because you weren't 1099'd. Additionally, 100% of my client's report 100% of their income 100% of the time.
This post was edited on 12/7/12 at 11:17 am
Posted on 12/7/12 at 11:37 am to TigerTreyjpg
And love the disclaimer
Posted on 12/7/12 at 12:11 pm to tigerzballzdeep
He's en route, hopefully we get pics soon
Posted on 12/7/12 at 1:23 pm to Nodust
quote:
Would you also need to claim that on your income taxes?
quote:
No matter what you do with it, you're gonna hafta pay income taxes on the FMV of the whole rig.
As the CPA also said. They'll ask for your social security number, I'm almost sure. They've got to account on their taxes for the prize they're giving away. You'll get a 1099-MISC. And the IRS will also get a copy of that 1099-MISC. And if yall have a Louisiana state income tax, you'll hafta include the FMV on your state return, too. Caesar will get his cut of the pie.
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