$20,000 Dream Station Prize at Hamvention 2022

Seriously??!!!

 

No doubt! Some people would complain that the $100 bill they found on the sidewalk was wrinkled and stained.

 

I think I would have to decline the whole deal. You will certainly be issued a W2-G tax form for a prize of that amount. You would then have to claim that $20,000 as taxable income and owe all Federal, State Medicare and Social Security tax. You have to be able to pay to play as there is no free lunch.

 

For sure. You're probably looking at $5-$6k in taxes for that.

I guess two ways to look at it. One is getting $20k worth of stuff for $5k. Another way is to just look through and find $5k worth of kit to sell (Especially in this market where used components are going for very near new prices). Keep the rest. Heck, looking at that list I'd probably sell everything but the transceiver and maybe a mic.

I still think it would be a pretty sweet thing to win. It's just like exotic car raffles. Sell the exotic car, pay the taxes, then buy a slightly less exotic car and you're free and clear in something that's still really cool and still free.

 

With ticket sales lagging behind what was expected...folks on the street say...this must be a sweetner. Hmm....Eric's virtual thing must be shaking some trees!

Oh well, I won't make Hamvention this year so best wishes to the luck winner. Get your tax advisor in tow quickly, lol

 

If you can afford to pay to play you certainly end up ahead. But for those on a fixed income or someone that $5-6K would wipe out their checking and/or savings it suddenly becomes a huge unexpected burden that many do not know/think about.

 

What folks are you talking about? Just yourself?

The prize package has been pulled together long before the latest ticket projection data.

There is a very good reason people are slow on buying tickets--- you can't project whether there will be an upturn on COVID, and most think its best to wait and see.

The virtual hamfest had no impact whatsoever on my decision. I want to go places and see people.

Well, its clear that there is no COVID upturn, apparently, forthcoming, and people ARE buying tickets, NOW.

I got my second booster last week, ordered my tickets and booked the hotel and plane. This will be my first airline flight since Feb 2020....

BTW most Dayton flights are now booked. Columbus is a viable alternative.

73
Chip W1YW

 

For sure. As far as the unexpected, I hope folks would be aware of it or at least informed. As for the fixed income (I've never liked that term, some folks are 'fixed' pretty well. Having a 'fixed income' means nothing. $10,000 a year on social security is a 'fixed income'. So is a $2,500,000 CEO pension when they retire.); you won't owe it until tax time. So you've got the better part of a year to sell some of that gear to come up with the tax money.

In fact, you won't get the W-2G likely until the next year. When the benefactor does all of their W-2's and 1099's for the year for their employees and contractors, that's when they'll fill out and send you that form. Which, to your point; would be unexpected if it shows up in the mail and you had no idea it was coming. But I would assume most people would understand that that is taxable and at some point they will collect information from you like your SSN or TIN in order to issue that form in January. So at some point, the winner will be informed of the tax and can prepare.

You're right that it's a burden and a PITA but, IMHO, it's a pretty solvable problem.

I actually had a teacher in High School who won a Porsche 911 Turbo in a car show raffle, brand new. MSRP of somewhere around $50,000 (at the time). He sold it to another guy AT the car show right then and there for something like $40,000. Not only did he get to deduct the depreciation but he had enough to cover the tax bill, buy a new Mustang GT, and put some cash in the bank. Because he certainly didn't have the cash to cover the tax bill on the Porsche.

 

Exactly.

For the last two years, any in-person event of any sort has struggled to sell advance tickets; with folks waiting until right before to commit. Exactly as you said; concerns about COVID, potential restrictions, and potential cancellations.

 

Thanks for the intelligent conversation. It was nice not getting accused of pooping in the punchbowl for talking about reality. At least not yet....

 

Buzz kill LOL

 

Nice I am looking for a HF radio for CW! I am learning it!

 

Good luck! There are many programs and groups and on air code practice sessions for you to learn from. 73 Sid K3SX

 

Well, don't put your ticket in the barrel. Or better yet...I'll let you borrow my stamp so you don't face the danger of winning <gulp> a 7851...

 

Gotta say, that list IS my dream shack IC-7851 AND IC-9700... YES PLEASE!!!!