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Fishing Tournaments 1099
#10620540
02/15/15 09:33 PM
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Joined: Mar 2003
Posts: 3,044
521Rangerman
OP
TFF Team Angler
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OP
TFF Team Angler
Joined: Mar 2003
Posts: 3,044 |
Got an 1099 for money won last year in tournaments.Can you write off your fuel,tackle,Tournament entry fee's? Thanks
Tony Lumpkins
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10620544
02/15/15 09:36 PM
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Joined: Mar 2014
Posts: 3,908
Topwater2
TFF Team Angler
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TFF Team Angler
Joined: Mar 2014
Posts: 3,908 |
I know you can write off your fuel, don't know about the rest.
FishKen
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10620770
02/15/15 11:34 PM
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Joined: Oct 2006
Posts: 13,521
Ken A.
Groovy
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Groovy
Joined: Oct 2006
Posts: 13,521 |
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.
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10620790
02/15/15 11:42 PM
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Joined: Jan 2007
Posts: 10,559
Jarrett Latta
TFF Guru
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TFF Guru
Joined: Jan 2007
Posts: 10,559 |
Look at filing a schedule C, I write off fuel, entry fee, tackle, etc
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10620827
02/15/15 11:58 PM
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Joined: Mar 2009
Posts: 2,218
B.Hollingshead
Extreme Angler
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Extreme Angler
Joined: Mar 2009
Posts: 2,218 |
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
38-DD's and counting
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Re: Fishing Tournaments 1099
[Re: B.Hollingshead]
#10620943
02/16/15 12:53 AM
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Joined: Dec 2007
Posts: 375
champ 198
Angler
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Angler
Joined: Dec 2007
Posts: 375 |
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.
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10620955
02/16/15 01:00 AM
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Joined: Jan 2015
Posts: 2,210
RangerBass21
Extreme Angler
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Extreme Angler
Joined: Jan 2015
Posts: 2,210 |
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.
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10621250
02/16/15 03:09 AM
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Joined: Oct 2013
Posts: 2,576
UTDmiller
Extreme Angler
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Extreme Angler
Joined: Oct 2013
Posts: 2,576 |
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
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10621548
02/16/15 06:27 AM
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Joined: May 2012
Posts: 3,506
TFFOTLegend
mama's boy
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mama's boy
Joined: May 2012
Posts: 3,506 |
can my fishing jersey and flatbill hat count as a write off?
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Re: Fishing Tournaments 1099
[Re: TFFOTLegend]
#10621563
02/16/15 07:44 AM
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Joined: Jun 2011
Posts: 293
DevinJoe
Angler
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Angler
Joined: Jun 2011
Posts: 293 |
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
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10621590
02/16/15 11:19 AM
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Joined: May 2003
Posts: 3,099
Skeeter man ZX225
TFF Team Angler
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TFF Team Angler
Joined: May 2003
Posts: 3,099 |
Make sure you know the government rules before you do this. I've been having long discussions with my CPA about doing this.
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Re: Fishing Tournaments 1099
[Re: 521Rangerman]
#10622191
02/16/15 04:21 PM
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Joined: May 2007
Posts: 2,882
The Rich Inc.
Extreme Angler
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Extreme Angler
Joined: May 2007
Posts: 2,882 |
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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