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Me like track days
Join Date: Sep 2003
Location: Kirkland, WA
Posts: 10,209
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WON a big trip.....1099 ?
I won a trip for 4, airfare, nice hotel and tickets to the Pro Bowl in Oahu through a Chevron oil contest.....
Yay for me. Now, this stupid trip thing is valued at almost $10,000 - do I have to pay taxes on the value as if it is income?
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- Craig 3.4L, SC heads, 964 cams, B&B headers, K27 HF ZC turbo, Ruf IC. WUR & RPM switch, IA fuel head, Zork, G50/50 5 speed. 438 RWHP / 413 RWTQ - "930 is the wild slut you sleep with who tries to kill you every time you "get it on" - Quote by Gabe Movie: 930 on the dyno |
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01-22-2006, 09:16 PM
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Where is that wrench?
Join Date: Jun 2003
Location: Irvine, CA
Posts: 1,415
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Yup! And of course if you booked the same thing yourself it would probably cost 1/2 of that $10,000. So depending what tax bracket you are in it might not be a good deal.
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01-22-2006, 10:55 PM
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Edministrator
Join Date: Aug 2003
Location: SF east bay
Posts: 25,008
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I always wondered if you could sell the trip for say $5,000 and take the loss as an adjustment to the miscellaneous income.
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Good post? Leave a tip! O - $1 O - $2 O - $3 |
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01-23-2006, 06:40 AM
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Virginia Rocks!
Join Date: Oct 2003
Location: Just outside the beltway
Posts: 8,497
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Don't know about Steve Carlton's plan, but this predicaments is wy so many Price is Right contestants have to sell that "Brand New Car!!!!"
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Rosewood 1983 911 SC Targa | Black 1990 944 S2 | White 1980 BMW R65 | Past: Crystal 1986 944 na Guards Red is for the Unoriginal
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01-23-2006, 07:14 AM
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canna change law physics
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And why the Oprah audience was so pissed off. You're given a 'free' car, but you have to pay taxes on it...at retail prices...oh the horror!
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James The pessimist complains about the wind; the optimist expects it to change; the engineer adjusts the sails.- William Arthur Ward (1921-1994) Red-beard for President, 2020 |
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01-23-2006, 07:19 AM
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Registered
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...and the property tax reassessments for the "Down on Their Luck" people on "Extreme Home Makeover"
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--------------------------------------------------------------------------- "There is nothing to be learned from the second kick of a mule" - Mark Twain |
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01-23-2006, 09:51 AM
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Me like track days
Join Date: Sep 2003
Location: Kirkland, WA
Posts: 10,209
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Yeah: "Sniff.....I'm so haaaaaapppy" aka .....now I'm really screwed for money
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- Craig 3.4L, SC heads, 964 cams, B&B headers, K27 HF ZC turbo, Ruf IC. WUR & RPM switch, IA fuel head, Zork, G50/50 5 speed. 438 RWHP / 413 RWTQ - "930 is the wild slut you sleep with who tries to kill you every time you "get it on" - Quote by Gabe Movie: 930 on the dyno |
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01-23-2006, 09:54 AM
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Registered
Join Date: Feb 2000
Location: Dallas, TX
Posts: 4,613
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Some guy won an award on American Airlines for some free tickets. I don't remember the exact details, but I remember that he had declined because AA had placed a retail (read taxable) value of $10K when the street value of the same tickets would have been in the neighborhood of $4K.
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Neil '73 911S targa |
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01-23-2006, 12:38 PM
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1970/1982 Porsche 914-6/911SC 2.7 RS
1983 Porsche 911sc Cabriolet 3.0
