Question on a pool table???

LegitStick1234

LegitStick1234

AzB Silver Member
Silver Member
So I won an 8' American heritage mohagany pool table in a raffle that was valued at $2500. I opened it up and the rails are beat up terribly. Wondering if the place I won it from doesn't take care of it, what does new rails cost for something like this? All of them have chip marks. I did win it and I am a pretty easy person to please, but this is horrible! Any suggestions for me?
 

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I would consider selling it for what you can get out of it and buy a table with the proceeds.
 
What organization did you "win" this from?

This isn't winning. It's helping them get rid of junk. I would lodge a protest with all the members of the organization I can identify. If you paid for a ticket, it's fraud unless the table was accurately described. Most states require organizations to have a license to sell raffle tickets; a fraud like this would put their license in jeprody.
 
I won it from the college foundation from our local university. I called one of them on their cell phone and they said they would call me on Monday when they talk with the guy that runs the foundation. The thing is I had to fill out a 1099 for the thing for $2,500. I hope they fix the issue.
 
LegitStick1234 said:
I won it from the college foundation from our local university. I called one of them on their cell phone and they said they would call me on Monday when they talk with the guy that runs the foundation. The thing is I had to fill out a 1099 for the thing for $2,500. I hope they fix the issue.
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$25.00 would be more appropriate
 
Table

U got the table and the shaft!

Once the rails are damaged like that the table is a write off...
If the table was in that condition when they made the raffle they put a move on you.



Rob.M
 
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hate to be this way . . .

If they are professional enough to make you sign a 1099 they are professional enough to take care of business. I would take pictures and require the table to be repaired or replaced. At the very least I would make them adjust the 1099 to reflect the true value of the table, maybe seven or eight hundred tops. Under a thousand they should forget a 1099. As it sits right now the taxes you will pay on the table are all it is worth or more. Not unusual to find a table that beat up for five hundred or less or just haul it off.

Hu
 
Refuse the prize. The amount you'll have to pay in taxes is way over he value of that thing. Buy a nice used Valley table for $500 on Craigslist
 
LegitStick1234 said:
I won it from the college foundation from our local university. I called one of them on their cell phone and they said they would call me on Monday when they talk with the guy that runs the foundation. The thing is I had to fill out a 1099 for the thing for $2,500. I hope they fix the issue.
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That table in used condition as it looks, has a value of like $600 to $1000. Does the prize include set up?
 
macguy said:
That table in used condition as it looks, has a value of like $600 to $1000. Does the prize include set up?
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The MSRP on that table may be $2500, but it can be had around here brand new and set up for about $1500, so I wouldn't spend too much in taxes on it. I watch craigslist a lot for tables and I would be surprised if that tabke sold in that shape for over $500, and even then it would be a tough sell with that damage.
 
mantis99 said:
The MSRP on that table may be $2500, but it can be had around here brand new and set up for about $1500, so I wouldn't spend too much in taxes on it. I watch craigslist a lot for tables and I would be surprised if that tabke sold in that shape for over $500, and even then it would be a tough sell with that damage.
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Yes, if you had to pick up the table and pay to set it up it is no worth much. That is the case with any used table, the added costs. If this table is at least delivered that has some value but you are right, I would down value what I said to maybe $300 to $500 if there is no delivery or set up.

I won a state bar table tournament and part of the prize was a new Valley Cougar bar table. I never took delivery on the table and sold it at the tournament. It was then delivered and set up for the new owner and I didn't have to be bothered with it.
 
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LegitStick1234 said:
So I won an 8' American heritage mohagany pool table in a raffle that was valued at $2500. I opened it up and the rails are beat up terribly. Wondering if the place I won it from doesn't take care of it, what does new rails cost for something like this? All of them have chip marks. I did win it and I am a pretty easy person to please, but this is horrible! Any suggestions for me?
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When you bought the raffle ticket, did it say you were buying a ticket for a chance to win a "new" or "used" or "a pool table" that was originally purchased for $2,500, or was valued at $2,500 because there's a big difference in all of the above.
 
I bought my AM table new for 1200. That 1099 should be adjusted to reflect the true value. My table had a bad cushion so I contacted AM and they sent me a new rail. Try contacting them, they may replace the damaged parts for you.
 
The purpose of the 1099 (from the seller's standpoint) is that the seller now has a $2500 tax deduction. You now have $2500 of "income" that you have to declare, and will probably pay about $500 in additional income tax as a result.

Yes, I would complain VERY LOUDLY. The organization might not have realized it, or done it on purpose, but this was a scam. They could lose their tax-exempt "foundation" status if you really wanted to pursue it.

I suspect one of the foundation's members offered his pool table as the raffle prize and no one bothered to check the condition of the table. They took his word for it that it was in "like new!" condition. But the reality is the foundation made a bunch of money on the raffle, the member got to deduct $2500 from his taxable income, he also got junk removed from his basement at no charge, and you're going to pay $500 in additional income taxes.
 
Prizes and Awards

Talk to your tax guy.

Seems unusual to be asked to sign a 1099 for $2500. Not unusual to be asked for your SSN in order to issue the Prize 1099 to you(W-9). You say the table that was raffled was 'valued at $2500'....by who?

After speaking to the Foundation folks...maybe they can be persuaded to see a more reasonable 'fair market value' of the prize and have a 1099 issued that reflects reality.

Points:

Table donor gets a a potential tax deduction of fair market value of $2500?(subject to possible 'Foundation/20%AGI' limitations.

Foundation has income to extent of proceeds of the table raffle/less direct costs...delivery, setup etc if applicable.

(Assumption: Raffle did not generate $2500 in ticket sales)

OP/raffle winner: Sounds like you are getting a 1099.(FMV less than $600?...probably still getting one, although may not be required) I'ts just a question of how accurate the valuation/income/prize is.


Gather local info from craigslist/ebay/etc to support your version of the value of the table.

Whatever the 1099 valuation shows...report it on your tax return as income. Then adjust that amount with an offsetting income adjustment to arrive at the net local fair value and pay tax on that amount of 'prize'.

Then wait...2-3 years for the letter to arrive from IRS.

Explain the situation. Show you documentation. The table wasn't worth $2500. The table was worth XXX? and that was the value of the prize to be considered income.



Having the names of the Foundation officials and table donor that may have a close charitable relationship, that were part of your valuation research, is a part of your due diligence.;)



Let them wait for their own IRS letter.:eek:



You should be ok..just know that you will likely have to defend your position that differs from the 1099 amount...not that big a deal.



Hope your meeting with the Foundation suits goes well...




...it's like winning a new car as a prize. The 1099 generally will be the full retail listing sticker price. Local advertising listings give guidance in arriving at the 'FMV'/income amount. Adjust the 1099 amount to get to the local valuation/reportable income amount.




....talk to your tax guy
 
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IIWM I'd just tell the foundation to come get their table; they can keep my raffle ticket fee. No hard feelings, but I don't want to pay $500 in taxes for a worthless piece of junk. Make them cancel the 1099; there's no reason the person who contributed the table should get a tax write-off.

The table is worthless. People are giving away tables that are in much better condition.
 
It didn't say it was new or used. Basically, said it was a beautiful table and had a long description. When I contacted one of the people from the foundation they said they were told it was a new table from the person who donated the prize. I will wait till tomorrow to see what they have to say about the whole deal. New or used this table is in horrible condition.
 
LegitStick1234 said:
It didn't say it was new or used. Basically, said it was a beautiful table and had a long description. When I contacted one of the people from the foundation they said they were told it was a new table from the person who donated the prize. I will wait till tomorrow to see what they have to say about the whole deal. New or used this table is in horrible condition.
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Follow this for a second. (A) The college foundation from your local university decided to hold a fund raiser. (B) Someone who's linked somehow to the university thought a good way to raise money would be to raffle off a pool table. (C) Same person mentioned they had a pool table that they'd be willing to donate for the raffle, that WAS valued at xxx$ when new, but would be willing to donate it for a $2,500 tax write off donation. (D) The University thought it was a good project and jumped on board and created the raffle. (E) You won the raffle which is a taxable gift to you, only you didn't know the condition of the pool table before hand. (F) The person that donated the table felt it was worth $2,500 because the person has no idea what the table is worth, only what was paid to buy it in the first place, and had no more use for it so donating it and taking a tax deduction was a great idea to them, so....there you go, that's how things like this happen.
 
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