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Jan 23rd, 2013
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Fishing Tournaments 1099 #10620540 02/15/15 09:33 PM
Joined: Mar 2003
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521Rangerman Offline OP
Extreme Angler
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Got an 1099 for money won last year in tournaments.Can you write off your fuel,tackle,Tournament entry fee's?
Thanks


Tony Lumpkins
Bass Fishing Ad
Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10620544 02/15/15 09:36 PM
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Topwater2 Offline
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I know you can write off your fuel, don't know about the rest.


FishKen
Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10620770 02/15/15 11:34 PM
Joined: Oct 2006
Posts: 10,925
Ken A. Online Content
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Call a good CPA and ask. I think you have to make a good portion of your income annually to be able to write off tournament expenses but I'm not an accountant.

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10620790 02/15/15 11:42 PM
Joined: Jan 2007
Posts: 9,087
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Jarrett Latta Offline
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Look at filing a schedule C, I write off fuel, entry fee, tackle, etc

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10620827 02/15/15 11:58 PM
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B.Hollingshead Offline
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I write it all off, you have to show a profit at least in 3yrs or they will audit it you for recreation


Branden Hollingshead

32-DD's and counting
Re: Fishing Tournaments 1099 [Re: B.Hollingshead] #10620943 02/16/15 12:53 AM
Joined: Dec 2007
Posts: 363
C
champ 198 Offline
Angler
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C
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You can claim what ever you want,IRS will tell you what they allow,you can bet on it.Then they tell you what you owe.

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10620955 02/16/15 01:00 AM
Joined: Jan 2015
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RangerBass21 Offline
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Depends on how much you won and if it's taxable, I think over a certain amount is taxable, I won 11,000$ in a tournament and I had to pay in roughly little over 3000$, irs has to have their cut. I listed write offs didn't do Anything.


bannana2
Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10621250 02/16/15 03:09 AM
Joined: Oct 2013
Posts: 2,113
U
UTDmiller Offline
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To file a schedule C you would need to create a business for your fishing. This would allow you to deduct any expenses related to your "business" from any earnings and carry over the net effect to your 1040. Any information written above is not meant to be taken as advice but merely an example. For better information consult a CPA as mentioned above. Good luck and hope you find the information you need


John Miller
Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10621548 02/16/15 06:27 AM
Joined: May 2012
Posts: 3,506
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TFFOTLegend Offline
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can my fishing jersey and flatbill hat count as a write off?

Re: Fishing Tournaments 1099 [Re: TFFOTLegend] #10621563 02/16/15 07:44 AM
Joined: Jun 2011
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DevinJoe Offline
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Originally Posted By: jensent
can my fishing jersey and flatbill hat count as a write off?
that's the best comment ever. Lol. If I knew how to make it my SIG I would

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10621590 02/16/15 11:19 AM
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Skeeter man ZX225 Online Content
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Make sure you know the government rules before you do this. I've been having long discussions with my CPA about doing this.

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10621715 02/16/15 01:31 PM
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Bradshuflin aka hunter'sdad Offline
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Wish I could win enough money to get a 1099

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10621753 02/16/15 01:50 PM
Joined: Mar 2008
Posts: 3,228
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YankHardReelFast Offline
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It depends on how aggressive you want to get as to how you file. You can set up your fishing as a true business, but you better keep good records and have a strong business plan as to how you plan to make money in case of an audit. If you set it up as a business, you can write off any losses incurred against your normal W2 income (assuming you're a wage earner during the week).

Your other option is to simply keep as many records/receipts as you can to offset your winnings down to zero and never show a loss. This is the safe route, but it doesn't benefit you tax-wise on your W2 income.

Here are a couple links that might clarify some things for you -
http://www.taxmatterssolutions.com/Is-This-Activity-A-Business-Or-A-Hobby
http://www.nolo.com/legal-encyclopedia/operating-losses-prove-hobby-business-30000.html

Re: Fishing Tournaments 1099 [Re: Bradshuflin aka hunter'sdad] #10621824 02/16/15 02:18 PM
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Tristen Offline
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Originally Posted By: Bradshuflin aka hunter'sdad
Wish I could win enough money to get a 1099

Re: Fishing Tournaments 1099 [Re: 521Rangerman] #10622191 02/16/15 04:21 PM
Joined: May 2007
Posts: 2,878
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The Rich Inc. Offline
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I write my stuff off as well, fuel, lodging, entry, tackle...Just have to show profit in a couple years or it will get iffy with the IRS im sure haha.

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