Hunting Washington Forum

Big Game Hunting => Other Big Game => Topic started by: dis_pat_ on November 14, 2013, 08:12:02 AM

Title: There Needs to be "529" Tax Free Investment Funds for Rare Tags
Post by: dis_pat_ on November 14, 2013, 08:12:02 AM: So-called (named for one of the bazillion IRS code sections) 529 funds for education should be created for rare and expensive hunting tags, or for that matter any tag a hunter might want to pursue. Similar tax-free treatment should be granted for these funds and portability across state lines should be allowed, so that hunters can save for expensive tags when finally drawn. Much like building up a 529 account for a child for years and years, there should be plenty of time to accumulate the actual tag cost by the time a hunter is finally drawn.

Game departments should provide for an optional investment purchase at the time tags (including points-only tags) or raffles are applied for. The investment funds, not to mention the points accumulated, should be transferrable and dividable assets for inheritance. There should be a clause allowing funds built in the hunting 529 plan to be transferred to a retirement plan, such as a 401k. And come to think of it, from a retirement plan to a the hunting plan. If you're going to kick the bucket, might as well allow that one last, expensive hunt to be paid for.

The hunting 529 plan funds should also be allowed to pay for guide services, to properly licensed guides, of course. The state has its finger in everything already so this wouldn't be much of a change. And for the sake of hunter safety, 529 funds should be available for any gear purchase needs, much like health savings accounts.

Transportation is also a reasonable hunting expenditure, so 529 funds should be able to be used for commercial transportation services, vehicle purchase and maintenance. Same for logdging, meals and accomodations.

I'm not sure what section numbers haven't been used yet in the IRS code but maybe these could be called something appropriate, like 30-06 funds.
Title: Re: There Needs to be "529" Tax Free Investment Funds for Rare Tags
Post by: fireguy459 on November 14, 2013, 10:16:11 AM: I think your on to something here... When my wife wonders why i am contributing 500 a month into my 529 acct i can just tell her i am preparing for the future.