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Discussion Starter · #1 ·
I recieved a call from my local Trek dealer the other day and they told me I was a winner of a $1000 Trek gift certificate. 1 in 200,000 chance of winning. I'm pretty stoked. I've been wanting to get a road bike for a while now and this helps out greatly. I'll be picking up a 2100 within the next few days. I'm still working on sizing the bike properly. I'm in between a 54 and 56cm. There putting together a 54cm today and I'll be trying it out tomorrow. I rode the 56 today. It will be nice to be doing some road riding and not doing in on my mtb.

later
Chris
 

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Taxes

You may have to pay income taxes on your prize. That could cost upwards of $300 depending on your income and where you live. I'd keep that in mind when dealing with any prizes.

1000 prize + 400 extra + 400 taxes

or

1000 prize + 400 taxes

maybe you should save the money you were using to upgrade to pay your taxes.
 

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Riding free's the mind
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Wow

Holy sj#!, I'd didn't think anyone was going to win that thing. We tried everyday to no avail. CONGRATS!
 

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Discussion Starter · #4 ·
Thanks guys. I never thought that I would ever win. You know how it is. You fill out the card and drop it in and thats it. I'm pretty stoked even if I do have to pay some taxes on it. Its still a good deal right now. I'll worry about that in April.
 

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Discussion Starter · #5 ·
FatFrank said:
You may have to pay income taxes on your prize. That could cost upwards of $300 depending on your income and where you live. I'd keep that in mind when dealing with any prizes.

1000 prize + 400 extra + 400 taxes

or

1000 prize + 400 taxes

maybe you should save the money you were using to upgrade to pay your taxes.
Just picked up my 2100 yesterday. No taxes will be needed. They put the $1000 in the form of a coupon. I paid full retail tax on the bike though. I'm happy. I walked out paying $482 for a $1400 bike. Cant beat that deal anywhere.
 

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HTail said:
Holy sj#!, I'd didn't think anyone was going to win that thing. We tried everyday to no avail. CONGRATS!
A member of our road riding club won the project one 5900 road bike last year. She had to pay all of the taxes on her 6000+ dollar custom bike (first WSD 5900 ever built). Funny thing is she just received her 5200 project one a couple of months before that. She entered every day and it paid off...
 

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First of all, congratulations. The most I've ever won in my life is a stupid $20 Timex watch and I was stoked. You must be on top of the world :D .

As for the tax issue. Technically, the $1,000 is reportable income for tax purposes (assuming that you are in the US). In the beginning of 2005 Trek, or whoever gave you the gift certificate, should issue you a 1099 just like you get from a savings account or something. It should be reported on your tax returns. Even if they don't issue a 1099 you're still technically supposed to put it on your tax return as income.

I wouldn't dwell on that though. Just go out and enjoy your new bike. Congrats!

Gabe
 

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Mr.Bob said:
The federal government disagrees with you (assuming you are in the US of course).

http://www.irs.ustreas.gov/faqs/faq-kw248.html

You may owe your state as well.
I doubt they are going to come after you though, not for $1000 bucks.
Just like California doesn't go after people who buy on the internet and don't pay state sales tax by puchasing from other states.

It makes for a good law when they can't actually catch you doing what they really want to catch you for.
 

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Congrats.
I was one of the remaining 199,999 suckers...I mean hopefuls. :)

Lou.
 
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