Me winning the 20K dream reef

hyprc · Oct 20, 2018

Yah.. I'd feel obligated to give back to R2R (since that's one of the main sponsors) and at least do a moderately detailed build thread (not like the reefer needs very intricate setup anyways!) as well as occasional progress shots. If you have the room, you'd be crazy to resell something like this! Best of luck to all!

Rakie · Oct 20, 2018

4FordFamily said:
I kept my winnings (Red Sea reefer 170). Lets not crap in everyone’s wheaties this is supposed to be a fun and generous contest.

Yeah you're right. I've been very pessimistic lately, I'm not sure why honestly.

Mrx7899 · Oct 20, 2018

Me

AvaS · Oct 20, 2018

I would be estatic and definitely keep the set up and make an amazing build thread if I am lucky enough to win all this gear and setup! Crossing my fingers!!!!

Garrett Keller · Oct 22, 2018

My 32 gallon Biocube is bursting at the seams with coral... I'm sure they'd appreciate a bit of room to stretch out!

Opus · Oct 22, 2018

It will be one heck of a tax bill for someone!

Haggisman14 · Oct 22, 2018

Not sure about you, but this guy,

will be making a build thread!

Actuarious · Oct 22, 2018

Does it all have to be reported on the same tax bill? What if you do not get/use the WWC for a year?

tankstudy · Oct 22, 2018

Opus said:
It will be one heck of a tax bill for someone!

Wonder how that's even calculated, like is it your state sales tax applied?

At the same time, I don't think I'll have to worry too much about it. lol.

Matthew Frost · Oct 22, 2018

If I won there would be a for sale add put up immediately... And it would contain virtually everything I have assembled for my current build.

I wonder if WWC would consider doing a cash out on the gift card for 50%. I don't need $5000 in corals/fish/livestock and I certainly don't need it right away. That is something you could spread out buying over a long time and $2500 cash would make a healthy dent in any tax obligation.

Opus · Oct 22, 2018

tankstudy said:
Wonder how that's even calculated, like is it your state sales tax applied?

At the same time, I don't think I'll have to worry too much about it. lol.

It would be an federal income tax issue and maybe state income tax. Take your 2018 AGI and add $20k to it and recalc the taxes owed. Depending on your tax bracket you could pay anywhere from 12% to 37%.

srusso · Oct 22, 2018

Opus said:
It would be an federal income tax issue and maybe state income tax. Take your 2018 AGI and add $20k to it and recalc the taxes owed. Depending on your tax bracket you could pay anywhere from 12% to 37%.

Ouch.... Feels more like a huge issue then a huge prize...

leptang · Oct 22, 2018

I doubt that 20k of goods will bring up any red flags with the IRS, if you don't claim it.

Crabby48 · Oct 22, 2018

Rakie said:
Don't worry, we all know whoever wins is gonna put it all up for sale on R2R, that's what happens to everything people win. Remember the person who put up that obscenely large Kessil 1200 with absolutely zero shame?

@BRS, you might as well just mail people a check. People don't want the gear, it's been proven enough times for raffles and giveaways to become extinct.

Sincerely,
Rakie "no faith" :/

I didn’t even bother with the giveaway because it is to much and I didn’t want to be that guy.

Opus · Oct 22, 2018

leptang said:
I doubt that 20k of goods will bring up any red flags with the IRS, if you don't claim it.

They may have to report it to IRS on 1099-MISC

NaH20nerd · Oct 22, 2018

If I win...I wouldn’t sell any bit of it!! If I win, I want to do a BRS TV episode with Ryan. Haha...Dream Big or go home!!

Prolude006 · Oct 22, 2018

There are lots of rules for giveaways for both the companies and winners. A tax form will be required for the winner from each company with a prize over 600 dollars. Over 5000 dollars requires more legal documentation.

*****You’ll need to post the rules for your giveaway, either on your website, in a blog post, or both, and reference those rules as needed. If you’ve met the criteria for a sweepstakes, you’ll need to include the following:

Identify the prize: provide as much detail as necessary to both identify it and make it attractive to your readers
Who can enter: detail who is allowed to enter, as well as those excluded (most sweepstakes allow only U.S. residents to participate, as Canadian laws and laws in other countries have different definitions of types of giveaways)
Duration: clearly set out when the giveaway (sweepstakes) will begin and end, and follow through
How to enter: let the reader know what entry methods are available for your sweepstakes
How the winner is chosen: describe how you will choose your winner, especially since you are likely choosing randomly
Technical issues: since we all know there could be technical problems, let people know how they will be handled. For example, will you delete duplicate entries? If your site goes down, what will you do?

In addition, anything the administrator or sponsor intends to do with the information provided must always be disclosed in the rules. If there is an intent to use the information for marketing or research purposes, that should be disclosed so an entrant clearly understand what, if any, rights they may be waiving.
**********

tankstudy · Oct 23, 2018

Opus said:
It would be an federal income tax issue and maybe state income tax. Take your 2018 AGI and add $20k to it and recalc the taxes owed. Depending on your tax bracket you could pay anywhere from 12% to 37%.

37% is pretty hefty...