As Our Own G21 give away
 

I got an email about this today and wanted to share. There is a pretty awesome organization that our church supports called "As Our Own" and Nautique is giving away a G21 to help promote it. As Our Own rescues little girls out of the red light district in India and puts them in a safe Christian home as well as provide them school and education.

Here is the link to the website if anyone wants to check it out.
http://asourown.org/take-action/sweepstakes/


http://i197.photobucket.com/albums/a...4/AsOurOwn.jpg

sweet thanks for sharing.

Wow, that is awesome of Nautique.

Not trying to rain on the parade, because I'll be participating, but what are the tax implications of a $148,500 prize?

I would have to sell it because of the taxes and fuel consumption compared to my lightweight sport with Gt-40.

It depends, prize winnings are generally taxed between 25 and 38%.
@ 38% $56,430 owed in taxes
@ 25% $37,125 owed in taxes
It's not a bad price on a G21, but you still have to fork over a bunch of money to pay all at once to Uncle Sam.

I glanced over the official rules and didn't see a "cash" option for the grand prize...did I miss it?

Anyone who wins this prize, who does not have the funds available to pay the tax can/should get a loan to pay the portion they are responsible for and pu ttthe boat up for sale after a year... Could make 100K. But their may be a claus or rules in official rules that wont allow the sale of the boat.... either way thats awesome of Nautique!!!! just keep stepping up their game and doing the world good! Plus showing up boat companies like MC and Supra etc.

Do you have to pay the tax on the MSRP, or Nauti's cost?

The winner would likely be taxed at the MSRP value. I'm sure a local Nautique dealer would be happy to work a deal with the winner to either buy the boat or assist with financing to make it doable.

We sponsor a lot of fishing tournaments where winners get a new boat. Typically the dealer will sell the promoter/organization a certificate good for 1 particular boat. 9 times out of 10 the winner will sell the certificate back to the dealer for cash or credit toward another boat. Not sure how this contest is set up since it's factory direct.

Either way, pretty awesome of Nautique! That's a major donation, stoked we were able to partner with such a great company.

zack@boatbling.net

I was just reading over the rules. There are two ways to enter. One that costs me $100, and one that costs the price of a stamp. I'm all for charity, but if its not tax deductible since it would be classified as gambling why would anybody choose the online pay option?

In Canada all winnings are tax free

Yeah, but I guess you Canadians must be good at math!!!

:eek:

Tax law allows you to pay tax based on fair market value. Basically, if you can provide a quote for the exact boat from a local dealer that is less, you can pay taxes based on that amount vs MSRP. Obviously ups your chance for an audit a bit.

I paid the $100, figuring that only chance i have of getting a g21 in next 10 years is winning it. The statement you get shows tax deductible as a 501c3.

PS. I did see that you can enter with price of stamp, but come on you get what you pay for don't you?

If i win i will have to sell the 2008 210 to pay the fed and state tax bill.

I donated $100 just for the cause to help children, if I win the boat even better.

^Now that's the spirit!