If the director can obtain a boat it is better all around than just a cash prize. They pay little to nothing for the boats so you end up with a 20-25k boat that you can sell for 15-18k pretty easily. It would be hard for the director the get the cash prize up to 15-18k without some serious sponsor money which will be real hard to come by. I would hate to see it end up like the jackaz championships where the guys fish for 2 days and have about the same amount of cash awarded as the one day tournaments...
Cash instead of Boats for Championships
I have seen several of my good friends win boats. It seems there has been a problem receiving them in a timely fashion if they do. I feel we should have a poll and ask the tourney fishermen if they would rather win cash instead of a boat. Most of the boats won are sold anyways, to small, engine and length etc.. some of which has taken sometime to get rid of them. I know that it can be a problem for a circuit to have success in having one committed from the dealers. These dealers are having problems selling boats now and most of them are closing their doors. Some are faced trying to succeed in service work only now. This seems to be lots of pressure for many of the circuits today trying to make everybody happy (impossible to do). I feel cash winnings for a championship would be the way we should go. Instead of a few dealers where you can ask for a boat deal, you have thousands of businesses which could sponsor by adding cash to the winnings. This is how its done in Rodeo etc... it will work. Who has griped about winning cash, obviously it would have to be a nice sum but it is obtainable. What do you say
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I would like to win a boat, but that being said, I would rather have a small amount of money at the end than anticipate something and then have nothing.
At least with the Jack AZ, you knew what you were getting, and things will only get better.
Cash in hand(however small), is better than a promise of something and receiving nothing.
At least with the Jack AZ, you knew what you were getting, and things will only get better.
Cash in hand(however small), is better than a promise of something and receiving nothing.
If you win a $25k boat, sell it for $16k,don't you still owe taxes on the $25k?If so, you walk away with about $10K? I don't know, just askin.I would take $16k CASH,no taxes hee hee, any day.
What Forrest was saying, it is sometimes easier to to get a boat from sponsor as a prize, as opposed to trying to raise $16K in cash. That was at least until all the boat manufacturer's went tit's up.
Yeah you have to pay tax on the boat but still you have $10k, you would have to pay tax on the cash winnings too. You can't hide that one, because I guarantee you that the tourney director is going to report it on his books.
Until things get back to normal we will have to make due with what is out there. Nobody can predict the future and nobody is perfect, so what I am going to do is fish the tourney's I want, and enjoy FISHING, and if I win a couple bucks well that is great. If not, well at least I was fishing.
Yeah you have to pay tax on the boat but still you have $10k, you would have to pay tax on the cash winnings too. You can't hide that one, because I guarantee you that the tourney director is going to report it on his books.
Until things get back to normal we will have to make due with what is out there. Nobody can predict the future and nobody is perfect, so what I am going to do is fish the tourney's I want, and enjoy FISHING, and if I win a couple bucks well that is great. If not, well at least I was fishing.
I dont know how it normally works but in our case we paid sales tax on $13.5k which was the dealer cost, the sticker price on the boat was over 21k. Along with the boat we got around $2500 in cash which was more than enough for the sales tax... As far as the income tax goes it really doesnt matter what amount they send the 1099 for, only what you sell it for. You just claim the difference as a loss... I would rather have the 16k cash as well but where is it going to come from....If you win a $25k boat, sell it for $16k,don't you still owe taxes on the $25k?If so, you walk away with about $10K? I don't know, just askin.I would take $16k CASH,no taxes hee hee, any day.
Nothing is easy right now, hell even the last 6 years we didn't know if we were fishing for a boat in many cases. I remember there was always questions on motor size which changed thru the season. That being said i think the tourney director will need to ask around for cash sponsorship just like he would for a boat. You have so many more avenues to work with thou. Taxes are taxes and cant get away from that. We just need to find a way to continue fishing and make it a little easier for the directors as well. Even if we fish for a cash prize in the range of 10 to 12 thousand is better than having directors that mean well and work hard for a boat and then it doesn't mature. Then he looks like he fooled us and everybody is mad and and then rumors start flying. In a great setting in this economy I don't see that happening any time soon where we are losing our boat dealers. Where is Skeeter, Champion, Bass Cat, etc...
that doesn't sound to bad Forrest.only pay taxes on what you sell it for.
The boat we won was worth 22.5K we sold it for 18K, we got 1099 from allstar, but it was for only for the actual money we won, we claimed the 18K on our income tax, but we file on the fishing as a business, it didn't hurt us too bad, as we had offsets with what we spent thru the year. It is amazing what you can claim, camping fees, mileage, cost of new rod and reels, any expense on the boat. Talk to your accountant.If you win a $25k boat, sell it for $16k,don't you still owe taxes on the $25k?If so, you walk away with about $10K? I don't know, just askin.I would take $16k CASH,no taxes hee hee, any day.
I don't mind fishing for cash as long as the cash winnings are the equivalent of winning a boat. Don't try to sell that you are fishing for a cash winnings championship and then give the winners 2K in winnings when we all know a boat would be worth 15K to 18K.
You have to pay taxes on a cash prize too... don't you?If you win a $25k boat, sell it for $16k,don't you still owe taxes on the $25k?If so, you walk away with about $10K? I don't know, just askin.I would take $16k CASH,no taxes hee hee, any day.
Yes you do, anyone over xx amount in tournys per year gets a 1099
I agree with the boat prize. The tournament organization can leverage their dollars into a bigger prize by having the dealer, boat company and motor company all participate in covering the cost. If a tournament organizer can raise cash sponsors, he'll have no problems raise a boat package sponsor. The best possible world, cash and a boat. Look at the WON Bass US Open, truck, boat and cash.
Paul all due respect and I know you have your opinion but talking about One Bass and then our circuits here is not apples to apples. It would be nice and I agree but I think we need to be realistic. Lets look at Bill Luke and where this was several years ago trucks, boats, and lots of cash and compare it to where its at today. This is a business and when times were good I seen lots of problems and now that times are real tough I even see things being tougher. Just looking for a solution to where we can support the circuits and grow them and still fish and compete.
I have an example that was just published on the FLW email I get and they are suing Evinrude for not fulfilling their sponsorship with FLW and their pro staff. FLW basically loaned the Pro Staff money so they could fish and Evinrude didn't pay the FLW back. I don't agree with this since they had a contract, Evinrude had a choice for this year and choose to sponsor. Now, I wonder why this has come up, because times are tough for everybody doing business.
I have an example that was just published on the FLW email I get and they are suing Evinrude for not fulfilling their sponsorship with FLW and their pro staff. FLW basically loaned the Pro Staff money so they could fish and Evinrude didn't pay the FLW back. I don't agree with this since they had a contract, Evinrude had a choice for this year and choose to sponsor. Now, I wonder why this has come up, because times are tough for everybody doing business.
tough one... depends on what boat and how much cash?
example:
ABA... 19ft Ranger with 175hp motor... boat but depends on how much cash...
MBC... 17ft boat with 90 hp motor... cash but depends on how much cash compared to what the market value of the boat is.
IMO, most the guys who have a nice boat already can care less about a boat. I don't have a nice boat so I can really use a new boat.
I can see why a lot votes went to the cash prize cause the guys who fish these tourneys mostly have nice boats and need the cash to pay it off...
example:
ABA... 19ft Ranger with 175hp motor... boat but depends on how much cash...
MBC... 17ft boat with 90 hp motor... cash but depends on how much cash compared to what the market value of the boat is.
IMO, most the guys who have a nice boat already can care less about a boat. I don't have a nice boat so I can really use a new boat.
I can see why a lot votes went to the cash prize cause the guys who fish these tourneys mostly have nice boats and need the cash to pay it off...
If it was a 19' w/ 200 The boat would be great. However anything smaller i would sell and I dont want to have to sell a boat right now. As far as 1099 and taxes If they were good enough to worry about it, I would probably be talking with an acountant and setting up an LLC. Cash is best.
I'll take the boat any day. Its just what we always have wanted to win. I would sell it but thats no big deal as you are not making any payments on it and can just wait for the right person to come along.
speaking from experience it is a very good feeling to win a boat, but a lot of work selling it especially in these times. but if you only fish for money then you will have to pay more in entry fees to match the same value of the boat that the tournament director will buy from a sponsor.
Delw I believe it is if you win over $600. then you a get a 1099 at the end of the year.Yes you do, anyone over xx amount in tournys per year gets a 1099
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