Taxes on Christmas Presents ( Norske)

Discussion in 'GSSF' started by FESTUS, Aug 31, 2007.

  1. FESTUS

    FESTUS Guest

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    Question I understand that winnings that meet or exceed $600.00 will give you a 1099...at least I received one last year,What is the value that GSSF places on a Pistol Certificate? $250.00 or $300.00?:horse:
     
  2. Norske

    Norske Millennium Member

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    $400.

    Two guns, or one gun and $200 in other awards and you are in 1099 country.

    Notice that when the GSSF member purchase program was going on, their lowest price for any Glock was $398 and change, so they are consistent.
     

  3. FESTUS

    FESTUS Guest

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    Well shucks that puts me at $625.00 for the year and at 30% and my tax debt now is another... $197.50 okay understood,another question.
    What if a participant wanted to waive any future winnings for the year...or lets say in my case instead of being sent a $50.00 random prize that I was drawn for Marietta...that you chose someone else?, and if in my case I'm pre-registered for three more matches that any winnings or compensation be waived.....is that possible or is this too much trouble?:horse:
     
  4. Ghost361

    Ghost361

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    Once you claim the 1099 for the pistol prize you can now write off Mileage, ammunition, gun cleaning supplies, firearm puchase to compete with, and anything else related to you competing in all the matches you shoot in. Not just the one that you win. In most cases I have found it to be a wash.
     
  5. Don At PC

    Don At PC Senior Member Millennium Member

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    Dennis, my friend don't be such a "Nerd". Give a little more to Church or your favorite charity, check out what John F. said and be Thankfull. Afterall look at the hundreds of thousands of hard working folks in this world who would give anything to be in your situation.:thumbsup:
     
  6. FESTUS

    FESTUS Guest

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    Don,the question and offer was real and I felt that as you outlined above that there are others that could benefit.....thus the suggestion and question and reasoning.

    John F...I'm aware painfully what I would need to do to avoid additional taxation......I do not have the debt nor costs to justify it. The idea of a sport standing alone for enjoyment has been the idea,the costs now are realized in the downsize if you win too often.

    Don... Charities are a great way to feel good about yourself and to help those that cannot often help themselves.....yes alot of people struggle,and I think that you have a positive idea here.instead of ditributing the prize you can check a box and GSSF donates the winning to those that have a need....I like your idea. :thumbsup: :horse:
     
  7. DannyR

    DannyR Moderator Millennium Member

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    Send me the pistol and cash and I'll pay all taxes.:wavey:
     
  8. FESTUS

    FESTUS Guest

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    Yupper...as long as I do not have another 1099 to file...:horse: :horse::horse: :horse:
     
  9. DannyR

    DannyR Moderator Millennium Member

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    Deal! Set it up with GSSF.:)
     
  10. FESTUS

    FESTUS Guest

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    I was hoping Don could arrange it......I seem to have fallen from Grace. :angel: :deadhorse: :horse:
     
  11. WIG19

    WIG19 Light left on

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    It really is a wash, reporting as income on this hand, deducting expenses on the other hand. (As long as it's a hobby and not an established for-profit biz.) Good advice from JohnF and Don.

    Not there yet, but hope to have that issue after the Lewis & Glock Expedition III coming up.

    :patriot:
     
  12. Don At PC

    Don At PC Senior Member Millennium Member

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    Who is this Grace lady you have fallen for? :supergrin: As for me making arrangements with Glock for you, you are out of luck. You will have to make them, I was only offering suggestions and my view.:thumbsup:
     
  13. FESTUS

    FESTUS Guest

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    Howdy Wes...I have never yet met you though I believe at one time DannyR was trying to get us together on a team years ago. Last year I also paid Uncle Sam and the bill was inflated by a 1099 from winnings...I believe an extra $900.00 from GSSF and at 30% that's $300.00 almost a Random Drawing Pistol..I have been informed that each pistol represents $400.00. I have been doing my own taxes even when I had two businesses for the last 40 years...started earning a living at 15 and I am aware of what deductions can and cannot be taken and after you have been audited 12 times you make sure that ALL is in order.

    Last year I did the round trip alone, Hallsville and Brighton...and guess what Lucky me ...walked away with a pistol at each match...I believe though at Brighton, I bought a raffle ticket and well two more 17's were on the way...I believe (4) last year in total plus some cash,anyway if there was a way....TO SHARE THE WEALTH...I was willing to explore other avenues because until I can shoot like Butch and Dwight with open sights a 55.xx consistantly....I'd might as well quite playing with other categories and distractions.

    Good Luck in your pilgrimmage...I've decided that anything over 400 miles one way is NOW too far....unless I'm on vacation. :horse:
     
  14. FESTUS

    FESTUS Guest

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    My wife Brenda would be upset to think that another woman had turned my head....tis not the case.

    My intent is Pure without real financial gain,but I see many that fear change,for Fear the loss of something Dear,the problem though is when Fear is present the Right decision is not made.:horse: :horse: :horse:
     
  15. FESTUS

    FESTUS Guest

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    I'm sorry I did not answer in complete....I had asked GSSF if they could accomodate in an earlier post....I have not heard a response as of yet.:thumbsup:
     
  16. Pharaoh

    Pharaoh

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    FESTUS FESTUS FESTUS

    oH WHERE did he go? I think you have been sucking in too much of that gas that puts you to sleep. Wake up my friend! If you need to talk write me or phone.

    Pharaoh

    :upeyes:
     
  17. FESTUS

    FESTUS Guest

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    I am fine Pete and probably have never been more awake and not under the influence of DRUGS,AGENDAS,or NEGATIVE FEAR.

    Good to hear from you and hope all is well.:supergrin: