|
Forums59
Topics1,039,316
Posts13,962,762
Members144,199
| |
Most Online39,925
Dec 30th, 2023
|
|
 1099 for tournament winnings
#14264445
01/27/22 02:06 AM
|
Joined: Apr 2017
Posts: 12,201
tmd11111
OP
TFF Guru
|
|
OP
TFF Guru
Joined: Apr 2017
Posts: 12,201 |
Getting one from my club I fish in. Told the wife it means I don't suck as bad as she thinks I do.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264470
01/27/22 02:38 AM
|
Joined: Dec 2008
Posts: 16,193
grout-scout
TFF Guru
|
|
TFF Guru
Joined: Dec 2008
Posts: 16,193 |
Yep, it’s a bunch of BS and should open the door for multiple write offs; but we know that won’t happen without red flags. Now they are hitting sold items on PayPal/Venmo/etc…sell over $600 and get hit with a 1099. 
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264472
01/27/22 02:38 AM
|
Joined: May 2008
Posts: 612
yamaha runner
Pro Angler
|
|
Pro Angler
Joined: May 2008
Posts: 612 |
Is your bass club a business? If so and you are a contract employee that they are paying, I guess you can write off all that tackle and get a return
|
|
|
Re: 1099 for tournament winnings
[Re: yamaha runner]
#14264477
01/27/22 02:46 AM
|
Joined: Apr 2017
Posts: 12,201
tmd11111
OP
TFF Guru
|
|
OP
TFF Guru
Joined: Apr 2017
Posts: 12,201 |
Is your bass club a business? If so and you are a contract employee that they are paying, I guess you can write off all that tackle and get a return Club is a registered nonprofit corporation. No way around it if you win more than $600 a year. Sadly, I haven't figured out how to deduct entry fees, travel expenses, tackle, ect.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264481
01/27/22 02:49 AM
|
Joined: Jun 2012
Posts: 20,746
Douglas J
TFF Guru
|
|
TFF Guru
Joined: Jun 2012
Posts: 20,746 |
Is your bass club a business? If so and you are a contract employee that they are paying, I guess you can write off all that tackle and get a return Club is a registered nonprofit corporation. No way around it if you win more than $600 a year. Sadly, I haven't figured out how to deduct entry fees, travel expenses, tackle, ect. Uncle Sam Bass Club?
#MFGA
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264494
01/27/22 03:02 AM
|
Joined: Nov 2014
Posts: 23,437
SteezMacQueen
TFF Guru
|
|
TFF Guru
Joined: Nov 2014
Posts: 23,437 |
I got a few of them in the last few weeks as well. If you figure a way around them, let me know.
Eat. Sleep. Fish.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264591
01/27/22 04:48 AM
|
Joined: Jan 2010
Posts: 11,553
MrRoachie
TFF Guru
|
|
TFF Guru
Joined: Jan 2010
Posts: 11,553 |
Save fuel receipts.
You can at least file with the state to get fuel taxes back since it wasn't used on a roadway.
That goes for any equipment also.
God loves you just as much as anybody else!!
Jesus offered His life as a gift for you. Please accept it!
|
|
|
Re: 1099 for tournament winnings
[Re: MrRoachie]
#14264641
01/27/22 12:34 PM
|
Joined: May 2007
Posts: 40,433
WAWI
TFF Guru
|
|
TFF Guru
Joined: May 2007
Posts: 40,433 |
Save fuel receipts.
You can at least file with the state to get fuel taxes back since it wasn't used on a roadway.
That goes for any equipment also. I would be careful with that whole equipment part. Write off your entry fees for the events you entered and pretty much stop there unless you are operating as a professional with a significant amount of your earnings coming from it. That's my advise as a non accountant but that's what my accountant has done with mine in the past.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264672
01/27/22 01:07 PM
|
Joined: Feb 2011
Posts: 27,405
Der Vorsteher
TFF Guru
|
|
TFF Guru
Joined: Feb 2011
Posts: 27,405 |
How much in taxes can they take out of $184?
Team Wolfs
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264675
01/27/22 01:09 PM
|
Joined: Mar 2010
Posts: 25,839
T Bird
TFF Guru
|
|
TFF Guru
Joined: Mar 2010
Posts: 25,839 |
Okie by birth, Texan by choice. ![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2021/01/full-47849-80883-111.jpg) USAF "Thunderbirds" Alumni 1985-1989
|
|
|
Re: 1099 for tournament winnings
[Re: Der Vorsteher]
#14264716
01/27/22 01:40 PM
|
Joined: Dec 2008
Posts: 16,193
grout-scout
TFF Guru
|
|
TFF Guru
Joined: Dec 2008
Posts: 16,193 |
How much in taxes can they take out of $184? $51 give or take, let’s go Brandon.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264717
01/27/22 01:40 PM
|
Joined: Feb 2007
Posts: 9,508
Lil' Louie
TFF Celebrity
|
|
TFF Celebrity
Joined: Feb 2007
Posts: 9,508 |
You can claim fishing as a business. I did it for 3 years. We won Bass Champs in 2014 so I started claiming everything but was told you can only do it for 3 years without making a profit otherwise its considered a hobby. I plan on doing it again this year.
![[Linked Image]](http://i263.photobucket.com/albums/ii159/ntxcop856/th_100_2388.jpg) PB 12.88lbs, Lake Fork 3-17-2013 8:45 a.m.
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264846
01/27/22 03:35 PM
|
Joined: Feb 2003
Posts: 55,364
SkeeterRonnie
Super Freak
|
|
Super Freak
Joined: Feb 2003
Posts: 55,364 |
If it’s a nonprofit then you can at least deduct up to $600 in donation to it.
|
|
|
Re: 1099 for tournament winnings
[Re: SkeeterRonnie]
#14264868
01/27/22 03:46 PM
|
Joined: Feb 2011
Posts: 27,405
Der Vorsteher
TFF Guru
|
|
TFF Guru
Joined: Feb 2011
Posts: 27,405 |
If it’s a nonprofit then you can at least deduct up to $600 in donation to it. I have certainly donated to a lot of tournaments.
Team Wolfs
|
|
|
Re: 1099 for tournament winnings
[Re: tmd11111]
#14264877
01/27/22 03:54 PM
|
Joined: Sep 2008
Posts: 2,013
fishnfireman
Extreme Angler
|
|
Extreme Angler
Joined: Sep 2008
Posts: 2,013 |
So if you win $1000.00 In a two day tournament and had to drive 430 miles one way.
Cost $300.00 for entry--$275.00 for motel--$100.00 for boat gas and $ 225.00 for truck gas = $900.00
Realistically---by the time you paid for meals you broke even not counting wear and tear.
But you still have to pay Uncle Sam taxes on $1000.00 ??
|
|
Moderated by banker-always fishing, chickenman, Derek 🐝, Duck_Hunter, Fish Killer, J-2, Jacob, Jons3825, JustWingem, Nocona Brian, Toon-Troller, Uncle Zeek, Weekender1
|
![[Linked Image]](http://s263.photobucket.com/albums/ii159/ntxcop856/?action=view�t=100_2388.jpg)
