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Old     (kbob)      Join Date: Aug 2009       04-02-2014, 9:48 AM Reply   
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.

Old     (jhartt3)      Join Date: Jan 2012       04-02-2014, 10:03 AM Reply   
sweet thanks for sharing.
Old     (wakereviews)      Join Date: Sep 2006       04-02-2014, 11:13 AM Reply   
Wow, that is awesome of Nautique.
Old     (wakesk8er2)      Join Date: Mar 2002       04-02-2014, 11:37 AM Reply   
Not trying to rain on the parade, because I'll be participating, but what are the tax implications of a $148,500 prize?
Old     (rexlex01)      Join Date: Mar 2010       04-02-2014, 12:03 PM Reply   
I would have to sell it because of the taxes and fuel consumption compared to my lightweight sport with Gt-40.
Old     (phathom)      Join Date: Jun 2013       04-02-2014, 12:20 PM Reply   
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.
Old     (richmondrider)      Join Date: Apr 2005       04-02-2014, 12:43 PM Reply   
I glanced over the official rules and didn't see a "cash" option for the grand prize...did I miss it?
Old     (michaelvincz)      Join Date: Jun 2003       04-02-2014, 1:47 PM Reply   
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.
Old     (sppeders)      Join Date: Jul 2011       04-02-2014, 1:56 PM Reply   
Do you have to pay the tax on the MSRP, or Nauti's cost?
Old     (Fourspeednup)      Join Date: Apr 2010       04-02-2014, 2:22 PM Reply   
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.
Old     (crow210)      Join Date: Mar 2014       04-02-2014, 3:20 PM Reply   
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?
Old     (Becks62)      Join Date: Oct 2011       04-02-2014, 4:53 PM Reply   
In Canada all winnings are tax free
Old     (trayson)      Join Date: May 2013       04-02-2014, 5:03 PM Reply   
Originally Posted by Becks62 View Post
In Canada all winnings are tax free
Yeah, but I guess you Canadians must be good at math!!!

For Canadian Residents Only: Potential Prize winners must correctly answer, without assistance of any kind, whether mechanical or otherwise, a mathematical skill-testing question to be administered in person, online or by mail, email or phone, as Sponsor determines.
Old     (nitrousbird)      Join Date: Sep 2008       04-02-2014, 6:26 PM Reply   
Originally Posted by Fourspeednup View Post
The winner would likely be taxed at the MSRP value.
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.
Old     (scottb7)      Join Date: Oct 2012       04-02-2014, 7:16 PM Reply   
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.
Old     (goride)      Join Date: Mar 2007       04-04-2014, 10:45 AM Reply   
I donated $100 just for the cause to help children, if I win the boat even better.
Old     (phathom)      Join Date: Jun 2013       04-04-2014, 11:23 PM Reply   
^Now that's the spirit!


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