$20,000 Dream Station Prize at Hamvention 2022

Yes, A luxury station for one third of its value is a big deterent.
Especially if you factor in, It's not the brand of choice!

 

Heck, Id take a station worth way less than that, lol, but that sure is a beauty of a rig... going to be one real happy recipient!

 

Now for the good stuff:
1. Can you afford to pay the sales tax (at 8.25% that's: $1650.00)
2. Do you have enough deductions to avoid paying full income tax and other taxes come next January on this prize. Remember, IRS calls winning a prize as income!
3. will winning this prize affect your Social Security or any VA benefits you now have (exempt form co-pay, etc. ).
A Lot to ponder!

 

I hope someone here on the Zed wins it!

Then I look forward to the thread they start about how disappointed they are with packaging, time of delivery and fact that the receiver on it is not as good as Yaesu’s.

 

Not to mention that the IRS will want income tax. Usually, large prizes (this qualifies, I think) are awarded with an IRS form and I suppose this prize would also be reported to IRS by Hamvention. Guessing that the fed income tax would be around $3,000. Can any CPAs, tax lawyers or tax professionals elucidate?

 

Haha yeah, you know it!

 

Just don't enter if you're worried about it! Unbelieveable!!! It's that simple!

 

Thanks for the Donation that is for sure a Dream station!
W2CSI

 

Generally, the U.S. federal government taxes prizes, awards, sweepstakes, raffle and lottery winnings, and other similar types of income as ordinary income, no matter the amount. Merchandise or products won as a prize or award will be considered at the fair market value and could be considered taxable income. The IRS taxes prizes (merchandise) or prize monies as ordinary income. This means that whatever percentage you are taxed for your regular income, that same rate will apply to the prize you received.

 

I've never heard of sales tax being charged on a raffle prize (though I suppose there are some states that are so Draconian that they might try that). The Uniform Sales and Use Tax pact doesn't require it. However, you might be on the hook for income tax if you were sent a Form 1099-MISC (which is the form you typically get if you have large gambling winnings).

Not too worried about this, though, because apparently I can't enter. With the BA.2 variant of SARS-CoV-2 breaking out in clusters, BA.4 and BA.5 coming, airlines removing all masking requirements, the virus evolving to evade vaccines, and vaccine makers and the government endangering public health by failing to introduce vaccines that are targeted against any new variants, I'm not gonna fly on a commercial airline or attend a large event in person right now. Hope folks have fun and that many of my brother and sister hams are not infected!

 

Already got that radio...can they just give me the money ?

 

John, how does it compare to the other rigs in your shack?

 

Only on the zed could a really cool giveaway turn into pure unadultered chaos for the winner. Good grief.

 

Yeah, you guys stay home and worry about the taxes on it. Reduces the pool of contestants.

Maybe I'll win it. I'll gladly pay the taxes on it. 1099-Misc? Sales tax? Not a problem. Gimme.

73 Tom W9YW

 

Of the three, the Icom 7851 is the best overall for my operating style. The ergonomics are nice, the operating flexibility is good and the receiver is the most pleasant to listen to for long periods of time. I have been very fortunate to be able to own all three of those titans and use them in my hamshack.