Versa Board Auction

[carlscott]

OK, everyone’s been waiting to see how long it would take for the lucky duck to post the Versa Board for sale… (three days to be exact). I never win anything, so I really just intended to make a $20 donation by buying four raffle tickets, and then Jeremy called my name.

The Versa Board is a really cool boat and paddling down the Ouachita standing up was pretty fun. Perhaps not the most graceful paddler over the ledge on Sunday, but that was probably me, not the board. Sitting there at the ledge and watching the guy on the yellow board surfing really looked like fun, but that’s probably best not me.

So I get home Sunday and my wife asks how much are we going to have to pay in tax on that thing??? (Turns out prizes are taxable for federal and State purposes) So I research the value of this prize and it turns out Ouachita Outdoor Outfitters made a very generous donation to help the Conservation Fund for the ACC. I see the Versa for sale all over the Web at $899. The stand up paddle is probably worth another couple of hundred. So all in all, when I tell my wife we’ll owe about $400, my original plans to buy a canoe that I had going down to the Rendezvous came to a very quick halt.

So I come back to my original intent to just make a contribution to the ACC Conservation Fund and came up with the idea that I’ll put the board up for sale, cover the tax I will owe, and donate anything over my opening bid of $400 to the Fund. The guys at OOO are willing to wait a week to order the paddle, so you won’t be stuck with the extra long one they would order for me.

So here’s how it works:

I open the bidding at $400 for the boat and paddle. If no one is willing to pay more, I’ll keep the boat, get the really long paddle, buy a helmet at OOO, increase my life insurance, and give the guy on the yellow board some competition, or at least the spectators a bit of entertainment…

If someone makes a post to this thread with a higher bid for the Versa Board and custom Werner paddle I will donate every thing over $400 to the ACC Conservation Fund. The highest bid posted to this thread before 8:00pm Tuesday, September 21, 2010 (that means 7:59:59 pm) will be the winning bidder. All posts will be public and out there for everyone to see and to know how much the donation will be.

I live in Little Rock for purposes of inspection and/or delivery. I don’t know how long it will take to deliver the paddle once the size is known. Specs on the boat can be found at:

http://www.liquidlogickayaks.com/versa.cfm" onclick="window.open(this.href);return false;

Have fun bidding! Hopefully, this will be interesting and we can raise some more money for the Conservation Fund.

[JBL1026]

Curious what how much tax you are talking but i would give $475 for the whole thing. Let me know what the tax will be and we can go from there.

PM or give me a shout/text @479 461 0605

Josh

[waterhog]

how is it you owe 400 in taxes on a 900 dollar versa board that you won in a raffle that sounds like your rippin yourself off

[Wildwood]

Thanks, Waterhog. I was wondering about that, too. Thought maybe Little Rock had put a new tax on fun. Maybe it's just the cost of not being good at math?
Jan

[carlscott]

We're talking about federal and State income tax, which many have described as a tax on fun...

Federal 28%
State 7%
Total 35%

Prize Value

Board $900
Paddle 200
Total $1,100

Tax $385

$400 was a nice round figure.

[drparrothead]

I'd go $500.

[JBL1026]

I can do $550.

[ScottH]

carlscott

You are correct in that the winner of a raffle prize is responsible for paying tax on the value of the items won. But a raffle is considered a form of Lottery. So, if you itemize on your tax return, you can offset these winnings against any other type of gambling losses you have throughout the year. That includes any lottery tickets, scratch off’s, horse betting, bingo, or casino losses.

The Arkansas Canoe Club is NOT required and will not report the winnings to the IRS. If the prize was 1)OVER $600 AND 2)at least 300 times the amount of the wager ($5 x 300 = $1500)then the ACC would issue you a W-2G.

http://www.irs.gov/taxtopics/tc419.html" onclick="window.open(this.href);return false;
http://www.irs.gov/pub/irs-tege/notice_1340.pdf" onclick="window.open(this.href);return false;

ps. and thanks for offering to donate the "extra" back to the club.

[carlscott]

Thanks Scott for the tax advice, unfortunately I don't have huge gambling losses to offset this prize. It looks like we are up to an additional $150 for the Conservation Fund so far...

[Roger]

Deferring to scotth considering his training, but wouldn't you just report the "extra" income and add it to your regular earnings? Which likely bumps your tax payment a few dollars depending on the tax tables?

Just curious, in case I ever win one of these things!!!

[The Wu]

With all the rhetoric and my ADD, blah, blah, yada yada, I'm not sure where the bid is.

I'll do 600. American

Wu

[stymie]

650.00 It will match my 14.4 MANGO

[The Wu]

Good play. Hope to see you on the water.


Wu

[carlscott]

Congratulations Stymie on your winning bid!!!

I've sent you a PM.