How do you calculate the amount? Do they hit both members from the team for the total amount, or do they split the winnings in half and 1099-Misc each for 50%

Usually 1099 each for half if i remember.

It is split in half. Must be at least 600 per person per year to get a 1099.

This is the first year, i fished a team trail and didn't know how it was reported.

Just got the 1099 and not sure if its correct.

You will only be responsible for the amount you personally received.

Bonuses can throw a ringer in the mix if you split them with your partner as I always have. I showed the payment of his half as an expense to bring my taxable income down to the correct value.

If you got a 1099 you did better than the ones who didn't.

If they're going to whack you for your winnings, then you need to find some expenses, like that new 2 u skeeter, eqiupment, gas, or entry fees to offset it. You don't have to show a big loss, though. Just break even if you want.

get a logbook, write down your mileage, everytime you prefish, or fish a tournament, everything you spend on fishing. You can offset your winnings so you won't have to pay any.

if they put it all in your name, send in a copy of the check you wrote to the partner for half. that way you are only responsible for your half, and have documented proof. you can offset that 1099-misc with expenses which include gas,food, tackle, etc. . and dont forget you can write off the sales tax you spent on that boat purchase (cant remember if you bought it this year or last)

For the past few years I have been pretty good about keeping receipts and tracking milage in a book for all my fishing. I had a couple of fortunate years, but those were all fishing individual events. This was the first one for a team event, so I was just curious how it was reported.

I on the other hand have certainly not been good about this. I never kept any receipts from last year. This is the first year where it really mattered to me though, 1099's are going to kill me...Is there much I can do at this point to offset it a bit? Mileage based on google maps on anything? Everythings on credit card as far as gas...does that count for anything? I'm a relatively smart guy...but claim total ignorance when it comes to taxes!

Chris - have you gotten anything from Floyd's tournaments last year yet?

Daren

I think most guys will get a 1099-MISC only for their half of the team's winnings. That's what I've gotten the last two years.

I think if you try to show a loss you are asking for trouble, at least for most of us whose fishing is not our profession. It's been a few years since I did taxes for anyone, but the IRS requires that in order for fishing to qualify as a business, and therefore as an enterprise in which you can claim a loss to reduce your other taxable income (like work), you also have to show a profit in some tax years. I think it may be three out of five years, but I'm not sure of that.

If you don't show a profit in enough tax years, your fishing is considered a hobby and you are liable for the losses you claimed.

I also happen to think showing a big loss from fishing is a good way to get flagged for an audit, but that's just my gut feeling.

Razorback, I agree. In years with less winnings, I'll normally show expenses that offset most of that year's earnings, but not more. If you have a really good year, you might be able to restate some previous years unclaimed expenses if you kept very good records. Regardless, it probably does open you up for an audit.

Daren, yea i recieved the 1099 from Flyod last week.