Quote:
Originally Posted by secondcurve
The boat dealer or the golf tournament organizer, not sure which one, is required to send the winner a 1099 form. This form notifies the IRS that the winner received income. Often times you will see the boat (or often car) dealer buy the prize back at the event. The winner than takes the prize money net of taxes. The car/boat dealer also usually does pretty well as they buy the car back at a good price as the winner isn't focused on getting the best price for the car/boat.
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I think that is what Tim is planning to do. The dealer just has to pay for the insurance that the business took out.