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Anyone ever sell something you won?

Mazo EMS2

Mazo EMS2

Active member
Well, I won a trailer to pull with the bike in a raffle. I'm really on the fence on whether I wanna keep it, or sell it and get something I like better. It sells for about $3000. Whadaya think, would it be wrong? I just got it home this week so it's literally brand new with 0 miles on it. Now that winter is here, it likely won't see blacktop til April. If I sell it I'd buy something different....If you think you might be interested, PM me and I'll send ya details on it.
 
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As I see it....

There is no problem selling someting you won. Especially if you are not going to use it or would prefer something different. Go for it....:thumbup:
 
I've donated a number of items for charity auctions. I don't think it is wrong of you to sell the winnings at all. The donor is doing his/her part to raise money. That part is completed, and you should do what you want with it.
 
Whether you sell it or keep it, it's taxable income. You'll probably get a W-2G for it. See https://www.bnncpa.com/industries/tax_exempt_organizations/blog/raffles_by_tax_exempt_organizations
I mention this because the tax liability might be a few hundred dollars on a $3000 prize, and if you keep the trailer, you'll be forking out that money out of your own pocket. Of course, it's still a really nice prize and if you want the trailer, forking out a couple of hundred bucks to keep it wouldn't be too bad.
 
What you are proposing happens all the time. Go for it. Nothing illegal or immoral with selling something that you may not have wanted. :yes:
 
Very good trailer.should have no trouble selling it!..That is unless you put a bunch of GB Packers stickers on it..then no!...GO BEARS!!!!!
 
I have stuff I have won that I sold or gave away. Actually, might have a few Spyder items on that list. Guess I need to check what is not installed and part with some of it...
 
I won one of the premier 08 spyders in a Quaker steak and lubes drawing. Put 200 miles on it. Didn't like the sport ride. Sold it in 3 days for 13k.
 
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Taxes

Mazo EMS2 said:
Well, I won a trailer to pull with the bike in a raffle. I'm really on the fence on whether I wanna keep it, or sell it and get something I like better. It sells for about $3000. Whadaya think, would it be wrong? I just got it home this week so it's literally brand new with 0 miles on it. Now that winter is here, it likely won't see blacktop til April. If I sell it I'd buy something different....If you think you might be interested, PM me and I'll send ya details on it.
Click to expand...

Since I volunteer doing taxes for AARP I just want to mention that you will probably have to pay taxes on it. 100% definitely if you get a 1099 MISC for it.* There was a case where the person said the value was not people awarding the prize said it was worth, but what he could sell it for since that is what he did. I never heard the outcome of that case. Ask whoever does your taxes or me again in January. But that might reduce your tax bill.


* I feel strongly it is immoral to cheat on your taxes since you are stealing from people who don't cheat. But cheating in a way a computer can catch you is stupid, and a 1099 MISC would allow that.
 
gnorthern said:
Since I volunteer doing taxes for AARP I just want to mention that you will probably have to pay taxes on it. 100% definitely if you get a 1099 MISC for it.* There was a case where the person said the value was not people awarding the prize said it was worth, but what he could sell it for since that is what he did. I never heard the outcome of that case. Ask whoever does your taxes or me again in January. But that might reduce your tax bill.


* I feel strongly it is immoral to cheat on your taxes since you are stealing from people who don't cheat. But cheating in a way a computer can catch you is stupid, and a 1099 MISC would allow that.
Click to expand...

Agree with everything you said except that it would be a W-2G since it was won in a raffle and a raffle is considered gambling income. See my previous post above. Not that it makes any significant difference, we're in agreement that taxes will be due. I think you are right that you wouldn't necessarily be bound by the value the charity puts on the W-2G and I agree that the actual sales price would be the best evidence -- however, if you report differently from what the W-2G says, you're going to get correspondence from the IRS and dealing with that may not be much fun.
 
W2, 1099? It will probably be one or the other. Bottom line, if you are not an expert with taxes, make sure the form gets entered in your tax program or see that the tax preparer knows about it.
It will not amount to much (in the scheme of things). The one thing that is a sure thing...death and taxes. :roflblack:
 
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