Pro-am payout?

[straitline]

In A two day tournament the entry is $500.00 for the pro side.. You win the tourny... Would you rather have A boat certificate ($30,000 boat) or take home A check for $20,000 that day?

[5Dimes]

ill take the cash

[Guy Williams]

Cash, you'll have a hard time selling a 30 grand boat for anything more than that plus time spent selling it, also you are taxed from the 30 grand. Not much of a choice really.
Guy Williams

[Rick G]

but you are mistaken. The package Nitro's they give away are worth $28,500.00 plus the shipping. They are nationally advertised and are a very popular model at a very reasonable price. Yes, you are competing against BPS and the dealers, but they are not going to lower the price, so if you want to sell it for less the only one taking a loss is you which you do not need to do. Just be patient. Also, what you sell it for is what you owe taxes on, not the value of the Cert. Rick G.

[some guy]

Id be more then happy dealing with selling a boat...the hardest part for me is wining one.

[Rick G]

especially the Nitro's, are they take a long time to get in. The one that Kyle and I won at Mead in October is still not in. 4-5 months to get it is a long time. Had the engine {thanks Mercury} since Nov. 1st. Rick G.

[Bill Hutcheson]

Guy,

Rick is right on the money. The package we give away is actually worth over 30K when you include the Mercury ProXS motor, batteries, trolling motor, electronics, etc....

Mark Crutcher has already sold his boat from the Shasta Tournament and Roy Hawk received a call on his boat 1 hour after he won it. Moving these boats is not as much of an issue as you might think.

Rick is also right on regrading the taxation issues. If I put the retail price of a pack of gum at $2,000 that does not mean that is what it is worth. Just like you are taxed on the value of your stocks or bonds only at the point you sell them, you are taxed on the actual received value of the prize that you are able to sell it for.

The debate of boats vs. cash is all fine and fun, but I think most people out there are astute enough to realize that it is the sponsorship packages each circuit receives that largely determine what prizes will be awarded. The economy is tight enough right now that very few companies are going to just throw money at something to have thier names attached.

[some guy]

I wish i could fish more pro ams but i just dont have the money to do it. If I had extra cash id be in every derby i could enter..one day ill give the big boys a run for their money..just wait until i have more ammo.

[Pred]

If I was a company why would i give cash so someone would go out and buy a different item? Makes ZERO sense. Get the boat out there at a reasonable price and you will get customers.

As a pro you OBVIOUSLY already have a boat, that you most likely wont be selling. You are taxed on the sale not the value, and if you arent writing off your own boats depreciation, travel, fees, gear, etc you have zero to say on the taxation thing.

I just think its funny that everyone is unhappy with the free boat they are getting. Noone was bashing AC with Nitro. I'd just be glad that WON had a title sponsorship. Im sure it would be GREAT if Ranger gave a limited edition 40th anni. WON special edition loaded 520 with a 250 in your choice of power.

But then you should expect to pay a hefty entry fee.

[Guy Williams]

Hutch and Rick, your telling me that WON BASS is going to 1099 me for what I sell the the boat for and not for the value of the boat? Or do I say I've taken a loss for what ever value I sold it for? Now if I win a boat I'm going to sell it to Hippie for 5 bucks and buy it back for 10 bucks. I'm sure a loop hole can be found if that's the case!!!!! I know someone that won a 518 and sold it to a dealer for way less than 36 grand( the retail price). If I remember it was like 20 or 25 grand and that was way after he won it.
Guy Williams

[Bill Hutcheson]

Guy,

I am not a certified tax person, so what is printed below is what I am cognizant of as it pertains to prizes we award. Lord knows I don't need a call from the Department of Consumer Affairs. This information has been gleaned from discussions with our tax people, accounting department, and past prize winners feedback from thier tax professionals.

You're right however. WON is going to 1099 for the retail value of the boat because that is the price that is advertised, assigned, and promoted in our materials which would be - $30-31K. For us to do otherwise creates problems for us when we get audited.

However, the tax laws will allow you to claim the amount you recouped when you sell the boat to whomever buys it. I'm sure that you realize there is no way for us to know what you may or may not have sold the boat package for and 1099 you accordingly. The tax code recognizes this and as such, allows you the seller to adjust on your tax forms. The only documentation you need is your bill of sale.

I hope this helps clear things up a bit.

Hutch
WON BASS

[Guy Williams]

Cool Hutch. Now I need to win one. Lord knows I've been trying for 10 years. Time to make a pack with the devil!
Guy Williams

[hippie]

what if you get 1099 on a certain dollar amount that was stated in the entry for winning and you don't actually get the prize like a 175 merc and you only recieve a 135 merc whom what org does that?

[Rick G]

on what you end up recieving. Since you are going to get a bill of sale when you sell your winning engine/boat, hint, hint, you will have a reciept of what you made. That is what you will end up paying taxes on. The only time I have ever gotten screwed on a prize that was advertised that ended up being less than advertised was the first ever KFROG. But that dealer has done it many times since. Rick G.

[Guy Williams]

Just to be a a$$, what happens when you win (boat, car whatever) on a date like Nov 29 (just a whatever date) and are not able to sell before Dec 31? I think your going to pay taxes for the advertised amount right? After it all, I like cash. Momma's like cash too, that's why I never win anything but she does well!!!!!
Guy Williams
Hippie, your a trouble maker!!!!

[Rick G]

I am in the same issue as that. Won in 2007, still no $ in 2008. Accountant says you pay the tax when you get the boat even if you have a 1099 from the previous year. Rick G.

[Pred]

I am in the same issue as that. Won in 2007, still no $ in 2008. Accountant says you pay the tax when you get the boat even if you have a 1099 from the previous year. Rick G.

Bingo.

Even turbotax will help you here. You get 1099's which now give you a reason to wave that Preferred member card from BPS and all your fishing receipts. Entry fees gas, lodging, travel, meals.
If you were unlucky or lucky enough to have a motor or something go BOOM, now you can write that off as well.

I even make a point to not use my boat for anything BUT tournament related fishing So all your practice and prefishing is now for work related. So you get to write off the mileage too and from the practice.