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Prize boat certificate

Posted: Mon Jun 03, 2019 12:41 pm
by DVLsteve
How does it work if someone buys the cert.from the winners? Taxes,Registration,freight, prep, etc. at the dealer? Anyone dealt with this before in Ca.?

Re: Prize boat certificate

Posted: Mon Jun 03, 2019 3:55 pm
by Mitch
It's not that difficult. You take the Certificate to any dealer that sells that brand. He will apply the value of the Cert to a boat or you can pay an additional amount and upgrade to a bigger boat or changes in equipment from what is listed on the Cert. You'll have to pay any taxes or additional fees also. Good thing is, you get to pick the colors you want and get a new boat. But, there is some additional costs too. Also, you get a 1099 for the value of the Cert and have to claim it on your taxes as income, UGH !! Most Pros sell the Cert for less than value, so that helps too especially if you're already looking for a new boat.

Re: Prize boat certificate

Posted: Mon Jun 03, 2019 4:02 pm
by DVLsteve
Thanks

Re: Prize boat certificate

Posted: Mon Jun 03, 2019 7:35 pm
by ILW
Isn't it just the winner of the cert that is 1099?

If the buyer of the cert pays for the cert,why would the buyer of the cert be 1099? It is not income to the buyer only to the winner? And I am curious if the buyer gets the 1099, then the winner wouldn't so the winner gets the cash for selling and the cert AND no 1099? or they both (the winner and the buyer of the cert) gets 1099 on the same win?

Re: Prize boat certificate

Posted: Mon Jun 03, 2019 8:42 pm
by kmah
ILW wrote:Isn't it just the winner of the cert that is 1099?

If the buyer of the cert pays for the cert,why would the buyer of the cert be 1099? It is not income to the buyer only to the winner? And I am curious if the buyer gets the 1099, then the winner wouldn't so the winner gets the cash for selling and the cert AND no 1099? or they both (the winner and the buyer of the cert) gets 1099 on the same win?


I’ve sold a few certs and you are correct only the winner of the cert gets 1099 based on the value. The buyer of such cert would only be subject to sales tax once they took delivery of the boat from the authorized dealer.

It’s a fairly easy process and buyers should not be concerned. You just have to ensure what is included on the cert. meaning graphs, trolling motor, freight, etc.

Re: Prize boat certificate

Posted: Wed Jun 05, 2019 10:30 am
by Mitch
Yes, I'm sorry !! Only the winner gets the 1099. The buyer wouldn't.

Re: Prize boat certificate

Posted: Wed Jun 05, 2019 1:42 pm
by rastrike1
That's the worst thing you can do.keep in mind your not looking for a certificate your looking for a boat many bad stories started that way.many did I say many

Re: Prize boat certificate

Posted: Fri Jun 07, 2019 4:59 am
by Kennortonjr
I had a good experience buying a certificate. Saved some money and the whole process was relatively easy to work through. This was for a FLW Ranger certificate.

Re: Prize boat certificate

Posted: Fri Jun 07, 2019 12:03 pm
by Mitch
rastrike1 wrote:That's the worst thing you can do.keep in mind your not looking for a certificate your looking for a boat many bad stories started that way.many did I say many



What's the problem ?? You're buying a NEW boat, choosing all the options, and getting the full warranty !! PLUS you save some MONEY !! Only downside I can see is you have to wait a month or two, maybe more, but is a NEW boat. If I were looking to buy a new boat, this is the FIRST option I'd look for !!

Re: Prize boat certificate

Posted: Mon Jun 24, 2019 7:58 pm
by ILW
rastrike1 wrote:
That's the worst thing you can do.keep in mind your not looking for a certificate your looking for a boat many bad stories started that way.many did I say many


What was the bad part? Havent heard any bad stories.

Re: Prize boat certificate

Posted: Tue Jun 25, 2019 9:22 am
by TRIXGOTAFISH
I actually had a good experience not with a certificate but rather with a boat that was won and already ordered up and luckily for me it had all the things i wanted (hull, motor, color scheme) and all the things i could easily replace w/ what i really wanted (ultrex, graphs, 3 bank charger, etc)

IMO i ended up with what i wanted and saved thousands of $'s

I also bought a certificate for a set of power poles in the past and that was a similarly very good experience.

I think if you can order up the boat as you wish it's a great way to save some cash but be aware you will have to pay normal taxes and reg fees to DMV (hope you don't live in Alameda county to pay the 9.75% tax :evil: )