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Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB (https://www.ft86club.com/forums/index.php)
-   Scion FR-S / Toyota 86 GT86 General Forum (https://www.ft86club.com/forums/forumdisplay.php?f=2)
-   -   First 86 Long Beach Trip Registry (https://www.ft86club.com/forums/showthread.php?t=4017)

borge12 03-05-2012 12:25 PM

So, would the APV could be considered income? If the trip is worth $2000, and my tax bracket is at 25%, would I owe $500?

Dadhawk 03-05-2012 12:48 PM

Quote:

Originally Posted by borge12 (Post 149276)
So, would the APV could be considered income? If the trip is worth $2000, and my tax bracket is at 25%, would I owe $500?

That is my understanding, pretty much true for any type of sweepstakes or other contest. If the single value is over $600 then you should get a 1099 and the IRS then definitely will be looking for it. Can't see how this wouldn't be over that amount. Regardless, even if its under that amount, you are supposed to report it.

borge12 03-05-2012 12:55 PM

Quote:

Originally Posted by Dadhawk (Post 149293)
That is my understanding, pretty much true for any type of sweepstakes or other contest. If the single value is over $600 then you should get a 1099 and the IRS then definitely will be looking for it. Can't see how this wouldn't be over that amount. Regardless, even if its under that amount, you are supposed to report it.

It will be, I think. The Miami trip was worth about $1200. I'm assuming this trip will be around $2k.

Well, if I will owe the govt $500, I'm probably out. I can't imagine my wife would be happy with me paying $500 to go on a trip without her during her spring break.

Dadhawk 03-05-2012 01:01 PM

Quote:

Originally Posted by borge12 (Post 149300)
Well, if I will owe the govt $500, I'm probably out. I can't imagine my wife would be happy with me paying $500 to go on a trip without her on her spring break.

Yep, I'm in the same boat, different ocean, (or would that be same F-RS, different lane)?

I can attend the second Driftng event here in Atlanta to see the car for a lot less than that, although I'm sure I'll be giving up a lot of potential freebies, and of course the opportunity to meet a subset of the First 86 in person this round.

Sydney did say when asked that she was not aware of any alternate plans for those that could not attend (someone mentioned that possibility in a different thread.

Sall 03-05-2012 01:05 PM

Im in ...but Is this only for the first 86 ???bcuz im not one of the first 86 but i live 15 min from long beach we should organize some sort of meeting

Dadhawk 03-05-2012 01:14 PM

Quote:

Originally Posted by Sall (Post 149310)
Im in ...but Is this only for the first 86 ???bcuz im not one of the first 86 but i live 15 min from long beach we should organize some sort of meeting

Sall, this thread started as a way of tracking the First 86 that would be attending because of the offer they received (see this thread) but I think it would be fun to meet others if time is available.

Sall 03-05-2012 01:23 PM

Damn thats freaking awesome travel and accomodation for free now thats cool enjoy first 86 winners you guys are lucky

Satown86 03-05-2012 03:23 PM

I'm in. :D

HiggityHank 03-05-2012 03:33 PM

Yeah, I'm going.

titusdrake 03-05-2012 04:31 PM

My manager just gave me the time off. I am DOWN

Pekingduck 03-05-2012 04:48 PM

hahaha I don't feel so bad now living in southern cali

texas2888 03-05-2012 06:19 PM

I'm going!

JSteel 03-05-2012 08:39 PM

Ill be there.

SpeedR 03-05-2012 10:00 PM

IN...


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