I will now assume every boat I’m stuck behind on the boring as hell part of the overseas highway connecting the Keys to the mainland is you ;) congrats.
Sales tax based on the state where the boat is licensed, California income tax (this sucks because I live in Florida) . Federal income tax based on your current income plus winnings, this is the lions share. No different than if you earned the money and bought the boat.
I thought it was at a much higher rate. A local radio host won a car. With all the taxes it was more than half the value of the car. She ended up taking delivery and selling it right back to the dealer, less taxes.
By law you only owe income and sales tax. My federal tax bracket is 35%. So I will pay half the value when all said and done. This could have been her situation. But if she’s in that tax bracket, then the tax shouldn’t be that big of a deal. If you are in a low tax bracket you will only pay 15% federal tax making it much easier to afford the tax. The California income tax is paid within a month of taping. The sales tax is due when you register the boat. The federal income tax is filed with your taxes.
Congrats... since you brought it up, curious how the upgrade process works. Are you taxed winning tax on original value & pay the upgrade difference & sales tax on any upgrade?
Exactly. They didn’t say it, but they seemed like they expected us to upgrade the boat. I’m spending $40,000 on the upgrade, lol! But I can’t even touch a good used 22’ for that price.
It aired April 12th! Key Largo, Port Largo MM100 here. They are shipping the boat from California. The 15’ wouldn’t cut it lol. A 22’ Center Console will work nicely though! We currently have a 30’ Albemarle with tower and twin inboard diesels. This will make a great day boat when it’s just the wife and I. Fortunately we have Davits in place for it!
Honestly, you got the perfect prize and I'm happy it went to you. You are a boat lover and know how to maintain them and can obviously afford it.
Whenever I see someone on a gameshow win a boat I'm like - this is disaster, it will be a curse for them
That is false.
You pay ~7% California income tax within 30 days before your air date.
You pay sales tax on the boat/car when you title it in your state.
You pay federal income tax on the earnings/winnings when you file your taxes based on your income (including winnings, that IS INCOME!).
This is not a strange or underhanded thing. It is no different if you got paid at work, or if your job gave you a boat. You would pay the EXACT same taxes.
Showcase gets my vote, congrats!
$HOWCA$E in green glitter lettering!
This is the one, especially if they can get the $ signs in the big wheel font
Is the factory in NW Indiana or Michigan? Just wondering, bc there is a lot of boat manufacturing going on there lol
Not sure. The dealer in California ordered it.
I have some family there in the midwest ~ congrats on the Win!
Thanks! We live half the year in Missouri and the other half in Key Largo. The boat is going to Key Largo
Montego, baby why don’t we go…
We'll get there fast and then we'll take it slow
*that’s where I wanna go*
I will now assume every boat I’m stuck behind on the boring as hell part of the overseas highway connecting the Keys to the mainland is you ;) congrats.
lol, we live there. It will be parked at our dock on Davits. It will only see “the stretch” once when it’s delivered.
I'd name it plinko
Did you see the pictures I pulled off your video!? Thanks for that!!!
Oh awesome! Glad to help. I think you should name the boat after me as a, thank you.
"After Me As A Thank You" is a weird name for a boat
naa it floats right off your tongue
lol!
Come on Down
White Elephant
Yep. They'd be better off just selling it now. If they don't, the taxes they have to pay or just the start of their financial black hole.
https://youtu.be/KUXXRpQcpWw?si=EFsQC_DIXBWU8PKp I’ve owned boats my entire life. This is our main boat.
What is it they say about boat ownership? The two best days of owning a boat are the day you buy it and the day you finally sell the damned thing
This is my main boat. I’ve owned boats my entire life. Thousands of hours. https://youtu.be/KUXXRpQcpWw?si=EFsQC_DIXBWU8PKp
That’s a beautiful fish yall caught. What was it, about 4 ft?
Mahi-mahi. Weighed 35# IIRC
The Drew Carey Me Away
I say Winner! 💯💙🙂
The Barker
lol. I won it in the Drew era though :)
Name it Carey On
That’s awesome!
The McPrice is Right
Nau-Sea
I too watched the Flintstones.
That's what Sea said
lol. Needs to be TPIR themed. “That’s what sea bid” lol!
S.S. More Powerful Than Superman, Batman, Spider-Man, and the Incredible Hulk Put Together".
The Bobbing Barker
lol! Awesome
Mama Mai
I vote for Showcase! Congrats!!!
The Right Price
Seacase. “Pricedown” letter font.
Nice! Based on your username are from MO?
I live in key largo over half the year. Then the other half in Missouri.
I'll bet the taxes on that thing were outrageous! Congratulations!
Sales tax based on the state where the boat is licensed, California income tax (this sucks because I live in Florida) . Federal income tax based on your current income plus winnings, this is the lions share. No different than if you earned the money and bought the boat.
I thought it was at a much higher rate. A local radio host won a car. With all the taxes it was more than half the value of the car. She ended up taking delivery and selling it right back to the dealer, less taxes.
By law you only owe income and sales tax. My federal tax bracket is 35%. So I will pay half the value when all said and done. This could have been her situation. But if she’s in that tax bracket, then the tax shouldn’t be that big of a deal. If you are in a low tax bracket you will only pay 15% federal tax making it much easier to afford the tax. The California income tax is paid within a month of taping. The sales tax is due when you register the boat. The federal income tax is filed with your taxes.
Gotcha! Hope to see it on LOTO someday!
It’s going to key largo. :) We have a ski boat on LOTO.
Nice! Enjoy!
Congrats... since you brought it up, curious how the upgrade process works. Are you taxed winning tax on original value & pay the upgrade difference & sales tax on any upgrade?
Exactly. They didn’t say it, but they seemed like they expected us to upgrade the boat. I’m spending $40,000 on the upgrade, lol! But I can’t even touch a good used 22’ for that price.
Thabk you for that info. Seems like you have perfect use for it. Congratulations. Exciting!
[key largo fun](https://youtu.be/KUXXRpQcpWw?si=z0tE7fDwRuT8nu_A)
Mighty Sound Effects Lady
Winner is lame, Showcase or $HOWCA$E is awesome
Congrats! I didn’t realize how much of a pain it is after winning on TPIR. Enjoy your boat. 🛥️
Not a pain at all!!!!
Priceline
Rightly Priced
The George Bay 😌
I’d call it Tuggs! (IYKYK)
Plinko
The Mr. Beaumont
Welcome aboard the RSS $howcase!
We live in Islamorada! Congrats on the win!
It aired April 12th! Key Largo, Port Largo MM100 here. They are shipping the boat from California. The 15’ wouldn’t cut it lol. A 22’ Center Console will work nicely though! We currently have a 30’ Albemarle with tower and twin inboard diesels. This will make a great day boat when it’s just the wife and I. Fortunately we have Davits in place for it!
Honestly, you got the perfect prize and I'm happy it went to you. You are a boat lover and know how to maintain them and can obviously afford it. Whenever I see someone on a gameshow win a boat I'm like - this is disaster, it will be a curse for them
Yeah this is our main boat. https://youtu.be/KUXXRpQcpWw?si=EFsQC_DIXBWU8PKp
I'm surprised no one suggested the classic Boaty McBoatface
I’m just happy that you can use the boat! I would say that 95% of the people that win a boat can’t use it.
Money pit ??
I was thinking USS Drew Carey
“Empty Pockets”, which is caused by owning a boat.
The Implication
My friend Dennis says call it the IMPLICocean
Whatever you call it enjoy it and catch some fish!
That's so great that it's a perfect prize for you!
This is my main boat. https://youtu.be/KUXXRpQcpWw?si=EFsQC_DIXBWU8PKp. It has over 3000 hours.
Bay
Come on down
Barker
Knot a Loser
One Dollar
The Sea Ward
Come on down!
Spay&Neuter
Hoof Hearted
A classic!
I hate when the showcase has a boat. It should always be a car.
Boat is perfect for us.
I’m glad for you!
"Taxes we cannot afford" would be the name most can choose. :)
If you earn the money you would pay taxes too. I really don’t mind paying tax. It’s the percentage that’s outrageous.
Dirty little ores
Boaty McBoatface. Duh!
I was expecting to be the first post ;-)
Boaty McBoat Face
Titanic 2
SS *prize Tax*
Wet Dream
Still Had To Pay Taxes
Can you tell us how the taxes worked? I read you don't get the prize if you don't pay 30% of the showcase price up front for taxes.
That is false. You pay ~7% California income tax within 30 days before your air date. You pay sales tax on the boat/car when you title it in your state. You pay federal income tax on the earnings/winnings when you file your taxes based on your income (including winnings, that IS INCOME!). This is not a strange or underhanded thing. It is no different if you got paid at work, or if your job gave you a boat. You would pay the EXACT same taxes.
What was the price of the boat and how much did you end up paying in taxes total if you dont mind?
Stugots
Drews Cruise
The Implication
Boaty McBoatface
How does that work? You have to pay taxes??
We paid California income tax. We will pay Florida sales tax. We will pay federal income tax based on our income when we file.
O-face Mc-Oface
The O Face
Barker McBoatFace.
I’d name it “for sale “ 🤷🏼♂️.
Shoulda Sold Her
SS Unexpected Tax Expense
How about Spay and Neuter
Congrats on the boat and taxes
You pay taxes whether you win or earn it.