After doing some research we'll still have to pay a hefty amount in taxes for the "free" vacation. The retail value is $8000.00. Some people say that you have to pay around 25% of the retail value. Another person said that if you can prove that you could have paid for the exact same trip for less money then you only have to pay taxes on THAT amount.
I'm going to have to sit down with my financial advisor, AKA my brother, and get this all sorted. If I need to ahve more money taken out of my paycheck to make up for it then so be it. We were still planning on taking a vacation this fall anyway. Maybe not a $2000.00 vacation but still.
Matt threw the idea out there yesterday about asking our moms to help us out a bit with the owed taxed. I'd feel bad because we told them they wouldn't have to pay anything. I wasn't even thinking about the taxes and what not. Bah!
I guess i'll cross that bridge when I come to it.