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Life is tough, tougher if you are stupid
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Not entered in the CCA Star tournament? Wow! That's got to be a little painful right about now! Excellent fish though! Congratulations on a dandy trout!
 

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Why enter or why not enter? Just a personal decision. I wait for that moment every time I hook up, to weep and moan that I didn't enter STAR. That's sarcasm for you people who can't read computterr! Bring it tagged red, I'll take a pic and send it out to yall, then keep on fishing and wishin...

SpeckReds said:
I cannot understand why someone would fish Saltwater during the Star and not enter. Nice fish! Congrats to Her.
 

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RAIDER POWER!!!
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5,696 Posts
Some people do not understand that when someone wins something (like STAR), that rig does not come free. A person has to pay some kind of gift tax on the items that are "won". It would probably cost several thousand dollars just to pay that tax. Most people probably end up selling the rig just to be able to pay the tax on it.
 

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Cash money winnings are taxed about 40% right? I think that "gift" winnings are taxed less though. If the boat/motor/truck/trailer was taxed 40% I'd put the truck on eBay IMO. anyways, congrats again on the catch!

Jake
 

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Time to make the Donuts...
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3,315 Posts
Jake said:
Cash money winnings are taxed about 40% right? I think that "gift" winnings are taxed less though. If the boat/motor/truck/trailer was taxed 40% I'd put the truck on eBay IMO. anyways, congrats again on the catch!

Jake
I know a guy who won two boats from different CCA banquets. He just sold one of them and kept the other one. He made enough money off of the sale to pay for the taxes on both and have some dough left over.
 

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Jake said:
Cash money winnings are taxed about 40% right? I think that "gift" winnings are taxed less though. If the boat/motor/truck/trailer was taxed 40% I'd put the truck on eBay IMO. anyways, congrats again on the catch!

Jake
Jake,
This is how I understand it....I have been wrong before though.

Prizes and cash winnings are just taxed as additional income. The Star trout division prize is a 22' Shoalwater (I think?)...so let's say that fair market value is $30,000.

If you are a single guy making $40K per year, your tax rate on the boat would be 25%, leaving you a bill of $7500. Not too bad for a new boat.

If you are single guy making $350K, your tax bill would be 35%, leaving you a bill of $10,500. This guy in this example is not sweatin' the $10K bill, and probably already has a nicer boat.

Either way, they will only be taxed at 35% max, and we don't have a state income tax to worry about.
 
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