It seems that this entire subject is a gray area.

I have recepits to back up every thing I could possibly write off. So my question is... can I write off fishing related expenses as stated above? I have a real job as well where I get my taxes taken out every pay check.

I would recommend listening to a tax professional, not a bunch of fishermen.

Barrett Big Bass Mc, LLC. Has a nice ring to it!

Not sure if its on the same line guys, but up until last year, I rodeoed professionally. I also had a career. My book keeper had me keep every receipt I could. I wrote off entry fees, fuel, and any equine products. This included feed, vet bills, etc. It really made a differance at the end of the year. Now that i am fishing instead of rodeoing, I haven't asked her about this issue. Im sure that it cant be very differant.

also, you might be better off setting it up as a business since you are BBMC after all and will in all likely hood have to do this with your ever growing winnings in the future. This way you can show that you lost money and get the most out of the stuff you are writing off.

I think this is the answer. You can't show a loss from fishing to offset your other income. If you paid $750 in entry fees and got one check for $600 for finishing second in a tournament you certainly did not have any income from fishing.

In years that I received a 1099 I've filled out a Schedule C.

Buda getting his drunk on last year at the Grapevine Open

^^This^^

Id definately talk to a CPA. I would think that if you report your winnings as income and pay the taxes on it, there's probably some deductions out there but I wouldn't expect as much as a true Pro who's only job is to fish.

Personally and PLEASE don't anyone take offence, I would ONLY listen to my CPA on this one. He/she is trained to know this stuff. Advice on here about fishing related stuff is the best in the world, but legal advice, not so much. He said, she said is just poor advice. Go to the legal experts for legal advice. Go to fishing experts here for fishing advice. Remember, this is my opinion and it's worth exactly what you paid for it.

I wouldn't change your handle, but I am sure the Pro Staffer will be on later for some guidance!

I would think the winnings would be treated similar to casino winnings. Under that case you will be able to write off some expenses associated with it. I would. Absolutly not try and depreciate your boat or tow vehicle as this is not your profession and it can cause tax issues when you sell either one. Listen to what your cpa says as mentioned about this is fishing forum not cpa forum.

I didn't read all of this but if you make ANY income and you plan on doing it again next year, it can be considered self-employment and you can write stuff off. I wrote off my "home office" to offset my taxes. You will only be able to offset the income you made from fishing though. Did you get 1099 misc or what from your tournament income?

Yea sorry to bring this up on a fishing forum but my cpa hasnt exactly written off fishing expenses for anyone... its kinda a new experieicne to him as well. I was just hoping someone in the exact same position has done this before and could help me.

Yes JC Outdoors, Tuff man and bass champs