what to do after you win a boat?

[ChazfromVA]

i have a pretty good idea of what is gonna happen as far as  the irs is concerned but have any of you on here ever won a boat? and if so what route did you take? i know the basic  pros and cons of keeping or selling but id like to chat with someone who has went through the experience so i know what im in for. any help would be greatly appreciated guys 

[RichF]

I've never won a boat myself but just about every guy I've talked to that has, decided to sell.  Prize boats (especially the Opens' Co-Angler boats) are usually pretty bare bones and not much use to a serious tournament angler.  I've been told that if you're serious about getting a bass boat and competing at a high level like the Opens, you should opt for all the upgrades (power poles, 36v trolling system, good electronics, etc.).  If I'm not mistaken, you may also be able to upgrade at the dealer your boat certificate is for.  I'm not sure if that's correct but worth a shot.

Congrats on your win man, that's an awesome accomplishment and good luck with the boat!

[Team9nine]

14 hours ago, ChazfromVA said:

i have a pretty good idea of what is gonna happen as far as  the irs is concerned but have any of you on here ever won a boat? and if so what route did you take? i know the basic  pros and cons of keeping or selling but id like to chat with someone who has went through the experience so i know what im in for. any help would be greatly appreciated guys 

I've only ever won 1 boat, so I'm no expert, but some of the things that come to mind in making a decision would be;

• Team or individual event?
• Won in 2015 or 2016?
• How will/did the organization classify the winnings on a tax form?
• Value they associated (or will associate) with the boat?
• Your personal tax situation in regards to fishing (have you ever claimed as a business or hobby expense on prior tax years)?
• How good of records (records, receipts, expenses, etc.) have you maintained?

Those are some critical first questions that need to be answered before being able to add too much more.

Good problem to have though  Congrats!

-T9

[stkbassn]

I would donate it to me. I need a boat. I'll take care of the IRS and all that jazz. I just don't want to see you burdened with this!

So if I win a boat I am keeping it If I already have a boat that I like more I'm selling it. If I like the prize boat better I sell my old one to help offset any taxes, registration, etc.

Good luck with your "problem" dude! LOL !

[Jrob78]

I add them to my boat collection of course.

[Sam]

Pay taxes on the retail value of the boat, motor and trailer.

Or, sell the boat to raise the money to pay for the taxes on the boat, motor and trailer.