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10-07-2014, 03:47 PM
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Join Date: Oct 2007
Location: In New Braunfels, ist das Leben schön!
Posts: 871
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Quote:
Originally Posted by WhiskeyMike
If you win a car valued at $50k but can only sell it for $40k you end up with $40k to cover the tax obligations associated with $50k of taxable income.
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Unless the IRS has changed, we didn't pay tax on the higher amount. My wife won a car on a game when we lived in California. We sold it back to the dealer for less than the stated value on the 1099-MISC. When we filed our federal taxes we used the lower amount and the IRS sent us a nice letter about a year later asking why the amounts didn't match. We replied in about 3 sentences basically telling the story above and about 6 months later they sent a reply (on a postcard that I saved) that the explanation was sufficient and no further action was required. Oh, and she enjoyed meeting Alex Trebek.
__________________
Larry New
RV-7A - Built, flying 900+ hrs
RV-10 - Built, flying 2.9 hrs
??? - RV-12, Subsonex
48 States in 7 Days!
VAF Paid - Annual Autodraft
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10-07-2014, 04:06 PM
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Join Date: Jan 2005
Location: St. Paul, MN.
Posts: 4,792
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BTW, lost in all the brouhaha on the Debonair is Steve's RV-7. That is a BEAUTIFUL airplane and I think it's the fastest one I've ever been in. He's clearly an excellent and detail-oriented builder. Makes me want to do mine over. 
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10-07-2014, 04:45 PM
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Join Date: Nov 2008
Location: WA State
Posts: 192
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Quote:
Originally Posted by LettersFromFlyoverCountry
Right, I didn't mean to imply it was the only reason...
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Just for clarification, my intention was not to undermine your point but rather to point out another (albeit more common) reason why winners often sell their prizes.
Quote:
Originally Posted by LettersFromFlyoverCountry
I don't minimize any of those, at the same time I don't feel as though a winner is a victim in these scenarios.
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Who said anything about winners being victims? I was merely stating the economic facts and realities associated with winning a high-value non-cash prize. 
__________________
Will McClain
N954WM (Reserved)
Last edited by WhiskeyMike : 10-07-2014 at 05:21 PM.
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10-07-2014, 04:58 PM
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Join Date: Nov 2008
Location: WA State
Posts: 192
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Quote:
Originally Posted by larrynew
Unless the IRS has changed, we didn't pay tax on the higher amount. My wife won a car on a game when we lived in California. We sold it back to the dealer for less than the stated value on the 1099-MISC. When we filed our federal taxes we used the lower amount and the IRS sent us a nice letter about a year later asking why the amounts didn't match. We replied in about 3 sentences basically telling the story above and about 6 months later they sent a reply (on a postcard that I saved) that the explanation was sufficient and no further action was required. Oh, and she enjoyed meeting Alex Trebek.
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I?m glad the situation with your wife?s winnings worked out in your favor. However, these matters are not cut and dried with the IRS?I have personally seen them take a contrary position in similar matters.
Prizes are taxed on their Fair Market Value (FMV). IRS regulations intentionally allow that there is no fixed manner or method by which FMV is determined. Therefore, they may permit some reasonable leeway but one should not automatically assume that ANY subsequent sales price of a prize will be accepted as FMV for reporting purposes. FYI?
__________________
Will McClain
N954WM (Reserved)
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10-07-2014, 07:51 PM
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Join Date: Nov 2013
Location: Prescott, AZ
Posts: 1,614
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slow down
I got to deliver the prize airplane down to Sun and Fun one year with Steve Ell's from AOPA. It is a fun event and lots of work go into the refurb of the prize.
But, the best fun today... was watching a video where somebody radios to an RV to slow up please, so we can catch up.
Priceless.... and of course the lucky guy looking over his shoulder at 9 o:clock.
Just fun !!!!!!!
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10-07-2014, 09:30 PM
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Join Date: Aug 2006
Posts: 114
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Cograts Steve
Steve,
congrats on the Debonair win. It's really a nice plane and hopefully a great fit for your family! I'm glad I got to be a small part of the plan to give it to you, what a fun day and a good time visiting new airports. There are a group of RV'ers, many as SGS, that fly almost every weekend, so by all means lets meet up again for more RV flying.
Bryan Flood
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10-08-2014, 07:26 AM
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Join Date: Jan 2005
Location: St. Paul, MN.
Posts: 4,792
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Quote:
Originally Posted by flightlogic
I got to deliver the prize airplane down to Sun and Fun one year with Steve Ell's from AOPA. It is a fun event and lots of work go into the refurb of the prize.
But, the best fun today... was watching a video where somebody radios to an RV to slow up please, so we can catch up.
Priceless.... and of course the lucky guy looking over his shoulder at 9 o:clock.
Just fun !!!!!!!
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Steve was cruising at 170 kts and when he slowed up, I'll bet he was down to about 115 or so and the Debonair was still struggling to catch up.
The plan was it would be orbiting just to the east of the field when we were about to leave Winsted. I left the tour of the Waco project to walk up to the terminal building to go to the bathroom and look for the Debonair.
I thought I heard it, but I'd left my hearing aid at home and with just one working ear, it's hard for me to determine the direction sound is coming from and I decided it was a tractor working the soybean field nearby.
Then as we were taxiing out, I could see it off in the distance about 4 miles or so and as Steve hit the throttle, I could see Tom Horne turning the Debonair BACK EAST in the circle and thought, "nooooooooo!"
He never would have caught us if he hadn't asked us to slow down.
And by "slow down", I think he really meant, "turn around and come back or I'll never catch you."
BTW, the one thing I've noticed with RVers who win these things -- 2, I guess -- is that in the scenarios on how to make it work financially, selling the RV NEVER enters to the realm of possibility.
Oh, one other note: I turned 60 this year and I'm having the best year, I think,I've ever had (knocking on wood). Lots of great moments. Every single one of them somehow involves my RV.
Last edited by LettersFromFlyoverCountry : 10-08-2014 at 08:16 AM.
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10-08-2014, 08:30 AM
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Join Date: Aug 2008
Location: Frederick, MD
Posts: 76
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Bob Collins was masterful!
It was a complicated plan with lots of moving parts, but kudos to Bob Collins for pulling it off with style and a sense of humor! Seven RVs, multiple airport locations, and an on-time air-to-air meet-up with a Debonair (while recording it all on video and audio) takes an expert cat wrangler -- and Bob did it masterfully! The best part was that he and his fellow RV pilots did all this for someone they didn't know (but is sure to become a fast friend). This is a testament to the generosity, selflessness, and skill of the RV community -- and the words "RV . . . could you please slow down?" are now immortal.
Dave "Pablo" Hirschman
Senior Editor AOPA Pilot magazine
RV-4
Last edited by Pablo : 10-08-2014 at 10:53 AM.
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10-08-2014, 09:45 AM
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Forum Peruser
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Join Date: Jan 2005
Location: Austinville, Alabama
Posts: 2,458
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Quote:
Originally Posted by N941WR
In the pre VAF days I contacted AOPA about restoring a J-3 Cub, Champ, Tcraft, Luscomb, and Ercoupe and give them all away to different people in the same year. They could do comparison stories on them all year and the five winners could probably afford to keep them.
They didn't want to hear it but I still think it would be a cool way to go.
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Maybe you could throw this idea to Paul Dye with the difference being the airplanes are all Kitplanes (and at least one being an RV, of course!)
__________________
Don Hull
RV-7 Wings
KDCU Pryor Field
Pilots'n Paws Pilot
N79599/ADS-B In and Out...and I like it!
?Certainly, travel is more than the seeing of sights;
it is a change that goes on, deep and permanent, in the ideas of living." Miriam Beard
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10-10-2014, 02:47 PM
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Join Date: Jan 2005
Location: St. Paul, MN.
Posts: 4,792
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AOPA has produced another video with some behind the scenes details of the giveway, including Dave Hirschman's observation that "RV out of Winsted: Can you slow down?" will now live in RVator lore forever.
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