UH-60andC-180 wrote:I'm sure this is asked every year, but where should I fly into for the show? I'll be there for the weekend with the fam. Is there parking at lake hood?

If you get there early enough there is transient parking at Lake Hood. Heard it fills up pretty quickly but some of the more frequent visitors might be able to better comment. http://www.greatalaskaaviationgathering.org ramp and parking info

I think we will be driving up. I should be solo'd by then but the wife is going to want to come also...

gbflyer wrote: Watch where you venture when in Los Anchorage by the way. Its been a Goddamned war zone up there this winter. Seems like another shooting/homicide every few days. Guess it must be the warm weather.

The other day the TV guide description for one of those reality / documentary shows (Gangland?) said it was about the crips gang in Anchorage, "where there's plenty of money guns and drugs". Funny, but a lot of us here "outside" don't think about Alaska having anything like that.

I heard once that Anchorage isn't in Alaska, but you can see Alaska from there. "Los Anchorage" is a pretty good description I guess. Having grown up in the southwest Los Angeles area (moved north in 1992), I can sympathize.

Acquaintance of mine is a former self- proclaimed high - powered AK attorney. He tells me that ANC is a "cooling off" place for Cali gang bangers.

It's really too bad. Lots of good folks there and still plenty safe. Seems like those involved in that crap are all low life's. Not to many civilians get caught up in it. Also plenty crimes of passion fueled by alcohol, also an easy one to avoid.

Ya'll have fun. Hope to meet up one of these years. Heavy, of course.

Stopped by to check on my new steed. Seems like all you grubbers have been leavin her alone.

Anyone know why it ended up back in the hands of the Airman's Association? Donated back? Winner couldn't afford taxes?

TradeCraft wrote:Anyone know why it ended up back in the hands of the Airman's Association? Donated back? Winner couldn't afford taxes?

Question: When people talk about "paying the taxes" on a prize like this, are those levied by the state of Alaska? Or the winner's state of residency? Or the federal government as a form of gambling income?

Zzz wrote:

TradeCraft wrote:Anyone know why it ended up back in the hands of the Airman's Association? Donated back? Winner couldn't afford taxes?

Question: When people talk about "paying the taxes" on a prize like this, are those levied by the state of Alaska? Or the winner's state of residency? Or the federal government as a form of gambling income?

The winners state....thats why the guy who won my bird last year could not take it allowing me to pick it up this year. He was from Redding CA..That bird is costing me $250 making me $500 into it now...

AKT

aktahoe1 wrote:

Zzz wrote:

TradeCraft wrote:Anyone know why it ended up back in the hands of the Airman's Association? Donated back? Winner couldn't afford taxes?

Question: When people talk about "paying the taxes" on a prize like this, are those levied by the state of Alaska? Or the winner's state of residency? Or the federal government as a form of gambling income?

The winners state....thats why the guy who won my bird last year could not take it allowing me to pick it up this year. He was from Redding CA..That bird is costing me $250 making me $500 into it now...

AKT

Federal, I believe. If you win a non-cash prize valued over $5000 "fair market value", you are liable for paying a 25% federal tax on that "fair market value".

http://www.irs.gov/pub/irs-tege/notice_1340.pdf

I do not believe AK has a lottery tax, but I could be mistaken.

TradeCraft wrote:Federal, I believe. If you win a non-cash prize valued over $5000 "fair market value", you are liable for paying a 25% federal tax on that "fair market value".

http://www.irs.gov/pub/irs-tege/notice_1340.pdf

I do not believe AK has a lottery tax, but I could be mistaken.

I think you're correct. 25% of $160,000 stated value is $40K. A lot of hopefuls don't have that in their pocket. The next question is: Can you fly it for a year then sell it for fair market price before the IRS comes a knockin'?

Zzz wrote:

TradeCraft wrote:Federal, I believe. If you win a non-cash prize valued over $5000 "fair market value", you are liable for paying a 25% federal tax on that "fair market value".

http://www.irs.gov/pub/irs-tege/notice_1340.pdf

I do not believe AK has a lottery tax, but I could be mistaken.

I think you're correct. 25% of $160,000 stated value is $40K. A lot of hopefuls don't have that in their pocket. The next question is: Can you fly it for a year then sell it for fair market price before the IRS comes a knockin'?

Probably so. Wouldn't you then be liable for the lottery tax AND a tax on the income from selling the plane?

On another note: The Millennium Hotel offers a 20% discount to Airmen's Association Members!

TradeCraft wrote:
On another note: The Millennium Hotel offers a 20% discount to Airmen's Association Members!

$98 on Expedia for reference.

Zzz wrote:

TradeCraft wrote:
On another note: The Millennium Hotel offers a 20% discount to Airmen's Association Members!

$98 on Expedia for reference.

Yeah, that's going to be hard to beat!

I'm not an expert, but I think the federal tax is not set at 25%, but the stated value (which according to Dan is north of $200k) is added to your income. You then pay taxes based on the tax bracket you fall under. The 25% being thrown around is just the withholding requirement, meaning it has to be paid prior to taking the airplane.

Prosaria wrote:I'm not an expert, but I think the federal tax is not set at 25%, but the stated value (which according to Dan is north of $200k) is added to your income. You then pay taxes based on the tax bracket you fall under. The 25% being thrown around is just the withholding requirement, meaning it has to be paid prior to taking the airplane.

After re-reading, I'd have to agree with you:

"Noncash Prizes: For noncash prizes, the winner must pay the organization 25% of the fair market value of the prize minus the amount of the wager."

Determining "fair market value" is a whole 'nother ball game!

I'm jelly. You guys have fun!

For those who fly in, Merrill field is a good alternative. We have heaps of transient parking here. Cool transient airplane camping area. Nice gravel airstrip built right on top of the old muni dump. Ace hangers has four hotel rooms right on the airport but im sure they book up fast during the show. No rental cars here on Merrill.
Plus there are no bugs, walkers and stinky float planes.

Official BCP Meet Up times

We should probably get some times on the board so we can all meet up if possible. Zane and I are arriving late on Fri but will be heading to the bar at the Millennium. Anyone else up for meeting at 9-930 fri night?

Sat afternoon/eve beers out on the patio. Work for you???

Also as mentioned, Expedia does have rooms for much cheaper than the Airman Show discount.

TradeCraft wrote:

Prosaria wrote:I'm not an expert, but I think the federal tax is not set at 25%, but the stated value (which according to Dan is north of $200k) is added to your income. You then pay taxes based on the tax bracket you fall under. The 25% being thrown around is just the withholding requirement, meaning it has to be paid prior to taking the airplane.

After re-reading, I'd have to agree with you:

"Noncash Prizes: For noncash prizes, the winner must pay the organization 25% of the fair market value of the prize minus the amount of the wager."

Determining "fair market value" is a whole 'nother ball game!

Yes, the declared price is north of $200 K, that adds onto your gross income. Then, you're going to have to pay your resident state's tax as well, if you live in a state that has taxes. Alaska doesn't.

Nothing "free" about these deals, actually.

MTV

Zzz wrote:

TradeCraft wrote:
On another note: The Millennium Hotel offers a 20% discount to Airmen's Association Members!

$98 on Expedia for reference.

Actually, I reserved at Expedia for $82 a night.

MTV

Just got through booking my time up there..... Will be visiting family so I will be there several days in advance....

Look forward to meeting a few of you guys...

Brian.