For those that have fished these types of tournaments and been lucky enough to cash, I have a couple of questions. I assume that the guy that catches the fish and weighs it in is the one who receives the check from the tournament in his name? I also assume that just like anything else, depending on the payout, he will be expected to pay taxes on that winning amount and will receive some form at the end of the year?

For those that fish these events with a friend or tournament partner etc., how do you guys handle this? Is it whoever catches the fish gets the money? Split a certain way? If split at all, how does paying the taxes work?

When I have been involved in these types of events we discuss how winnings will be disbursed. I always go with the person that catches it get it.

I had a buddy win the McDonalds event on Fork one year in the back of the boat, he ended up with about 70k in overvalued prizes and a couple thousand dollars.

He complained about winning that tournament for years afterwards.

In most cases, we split the winnings no matter how big or small. If it�s smaller, we don�t worry about splitting the small amount of tax. Bigger winnings, we split the tax (one guy pays the other guy that had it in his name).

Never heard of anyone complaining about winning Sealy or any other tournaments with that type of payout. What was his complaint? Paying taxes?

Like others have said, we always go into it with a plan whether its Bass Champs or a Big Bass event. I'm never fishing with just a kind of friend so it's never going to be a big issue either way. In times where we won money that was going to trigger a 1099 being issued to just one of us, we just had one pay the other a little more of the winnings to cover what taxes may be there.

You can actually 1099 your partner for whatever percentage of winnings you split with him. Basically, it's like you paid him as if he was contract labor. If shows an expense for you and income for him.

I�m only asking in advance of fishing the delay on Rayburn. We fish team events and have no issue just wanted to know how you guys approach big bass events. We don�t mind 50/50 just wanted to see how you guys do it and handle taxes.

Only if the winner is claiming that his fishing is a legit business (like yours) which he better be able to prove. Otherwise there is nowhere to put that "expense". Best thing to do is what the previous guys mentioned. Get 20% or so from the partner for taxes.

Boats, Trucks, cash.....always split.

I just registered for this years big bass on Rayburn and noticed the payouts have increased significantly from prior events obviously due to the anniversary. I can see splitting the winnings with a friend or tournament partner if fishing together, but you guys are saying that if you were to win 1 of the top 5 or 10, which is BIG money you still just split everything no matter who catches it? I assume then you would have the other pay taxes?

Yes, 50/50 all the way across the board.

No matter what you decide...be sure you BOTH understand it prior to your first cast Friday morning. Don't try to figure it out after one of you catches the fish!

Not us...We have an agreement that the person that didn't catch the fish gets $10K in cash from the other for the top 3 prizes. If its just the cash, hourly prizes, we split 50/50.

If its a basschamps event you can ask them to split it and give you and your partner 2 checks and they will send the tax form at the end of the year.

We do a 60/40 split if one guy has to pay all the taxes.

Nominee/middleman returns.

Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts allocable to each. You also must furnish a Form 1099 to each of the other owners. File the new Form 1099 with Form 1096 with the Internal Revenue Service Center for your area. On each new Form 1099, list yourself as the "payer" and the other owner as the "recipient." On Form 1096, list yourself as the "Filer." A spouse is not required to file a nominee return to show amounts owned by the other spouse. The nominee, not the original payer, is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.

https://www.irs.gov/instructions/i1099gi