Re: Ship the Cayman!
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I assume u have to pay income taxes on the cash value of the car.
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I was wondering about this too.
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Most definitely has to report the $60k stars gave him as income.
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Not true, its in consideration of the millions of dollars of rake hes paid... thought I'm not 100% sure, but its definately not a traditional free prize.
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The sixty grand is most definitely reportable income in the US. Also, if someone just gives you 60K as a gift, you have to report that, too. (IANAL nor a CPA, but I believe the cap on untaxed gifts is 10K in the US.)
At any rate, I'm sure OP has an accountant who handles his taxes, so there is no need to speculate or take tax advice from BBV. (I am guessing people taking tax advice from BBV would result in some great BBV threads though.)
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Yes I know you have to report gifts as income, but my point is this is not a gift, and is in exchange for mass amounts of rake. Thus therefore it is not something for nothing and could be viewed as a contract in quantum meruit, as in a contract by principal. I have my tax exam tuesday... lets hope thats right.
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