2005 Husky A1-B on Wipline Amphibs

DanH · #1 07-31-2006, 03:13 PM

Gang,
Big day here. Last night I got a call from OSH. I won the EAA
Sweepstakes 2005 Husky A1-B on floats.

http://www.airventure.org/2006/events/sweepstakes.html

The EAA will issue a 1099 in the amount of $250,000 for the prize
package. The tax bill seems to be 28%, or $70,000, and is due at delivery.
I will do that (obviously), but I'm not sure I want to tie up the money long term. I already have a flyer and a project, floatplane insurance is expensive, my daughter starts college next week, the house needs a new roof, blah, blah, blah...

I'm going to open the floor to offers of all kinds and see what happens. Anybody want to buy a new set of Wipline 2100 amphib floats? Want a 100 hour A1-B, with or without floats? Want to trade a nice Model 12 and pay the tax bill? Obviously I like RV-8's and F-1 Rockets. Also like the new fixed gear Lancair as well as classic round engine cabin airplanes. Don't care for conventional spam cans. Please, no silly proposals.

Never bought a lotto ticket in my life, but I sent in lots of those little EAA sweepstakes tickets. Hey, dumb luck is better than no luck at all <g>

Dan Horton

334-244-6400
Fax 334-272-5860
Toll Free 877-206-0679

McFly · #2 07-31-2006, 03:20 PM

I was really hoping to win it

but congratulations are definetly in order. Very cool!

RV7Factory · #3 07-31-2006, 03:45 PM

Way cool! I am glad it went to one of us (VAF'ers).

Keep in mind, if you trade the plane, that's generally considered another transaction and can come with an additional tax bill (from your state).

DeltaRomeo · #4 07-31-2006, 04:19 PM

Wow! Totally speechless, Dan.

Congratulations on winning the prize of a lifetime !!!!!!!

I won a toaster once and thought I struck gold.

Best,
Doug

robertahegy · #5 07-31-2006, 04:26 PM

Could you donate it to me and get a tax write off?

Roberta

Davepar · #6 07-31-2006, 04:51 PM

Very cool. Never thought about the fact that winning a big price could be a big burden. Coughing up $70k on a moment's notice sounds like fun.

DeltaRomeo · #7 07-31-2006, 05:44 PM

Dan,

You might consider calling up Troy Coker (he's in here somewhere). He's a finance guy and arranges loans and stuff (unusual loans like you would need).

Might be a short term solution that would allow you to keep the plane for a bit and still sell sometime for a huge profit.

b,
d

alpinelakespilot2000 · #8 07-31-2006, 09:53 PM

Congratulations! I (really, really) wish I had your problem. This is the best package EAA or AOPA has had in years for the sweepstakes plane (in my opinion)!

You might trying calling all the AOPA winners from the last few years. Most of those have sold, so I'm sure they would have some good suggestions.

Good luck... as if you really need any!

Paul Thomas · #9 07-31-2006, 10:09 PM

Congratulations!

28% sounds like a lot, what taxes are you being hit with? That said I've yet to win anything valuable and I'm not an accountant.

How long do they give you to take delivery of the new bird?

osxuser · #10 07-31-2006, 10:24 PM

Wow, nice! I wish I had your problem as well. I'd go for Trade-A-Plane, and hype that it was EAA's bird, you might get a premium for that initially.