Taxes On Tournament Winnings

[kenny]

How many people do you think pay taxes on their tournament cash?

[mjh]

I would say none unless you are a professional and that is your everyday job.

[FLAPPER]

i would have to say very few,unless you do it for a living.

[boom]

I'd bet everyone that gets 1099'd....

[kenny]

It's income whether you are full-time or not or don't get a 1099. Just wondering?

[FlatoutFishin]

It's income whether you are full-time or not or don't get a 1099. Just wondering?

Ok Mother Theresa...whats the point here?

[Dawg]

So to that point if I enter 1 tourney a month at $100 each & only win 1 with a payout of $3000,can I write off my truck & boat note,storage, fuel & maint.,insurance,tackle & gear. Could I actually get money back as a loss.

[Race1Mopar]

Don't thin so unless tournaments are the only thing you use them for, but look into it and let us know.

On the winnings I bet if you spend $1200 in a year for entry fee's and only win $200 in that year you may be able to write off the $1000 loss If you can find a legit bucket. Is it a part time job you lost $ on???

No advice here.... Just thinking out loud.

[trophytroutman]

I would say no.Like mentioned before if that is thier job.Ilook at it this way,I pay to enter them and winning them is a prize.I dont consider it as income.My job is my income and I dont pay my company to get it.Just my opinion.

[Gater]

Boom is correct....... I have paid taxes on tournament winnings and if you get a 1099 you can bet it is reported.

Gater

[boom]

I am guessing that you don't feel like you pay enough taxes already?
If you were to win anything over 600 bucks you will be 1099'd if it is a legit tournament.

[kenny]

I think everyone (that actually pay taxes) pays to much tax.
It's like winning anything else including money gambling, a CCA boat, etc.
I really don't give a chit, but was just interested and wanted to know. It's part of my research......into everything!

[Robalo]

The tourney I run does not 1099 you-but our payouts are small. I believe it is like gambling, but you better have proof of losses to offset winnings!! Also, as far as boats-yes you are 1099'd, but if you won and sell and title goes into buyer direct, the tax liability to seller/winner is what buyer paid for boat (at least that's how it worked on mine).

I also agree-we support too many "Peggy Joseph's" in this world. I tried to lease a 20 acre tract in Lee County-the owner claimed disability from SS and would not lease his minerals because "The Gummint will cut-off my disability checks if I make more than $600" (get 1099'd)-he lived south of the Astrodome in a paid off house and had full-fee title to 20 acres which we were gonna drill under (horizontal Chalk well). He never leased, so we drilled 50' off his property under a RRC Rule 37 Exception and made a good well which he would have had about $100k in royalties. When I tried to lease him, he answered the door eventually (after yelling I aint a bill collector) and he had a quart can of "Olde English Malt Liquor" at 10 am. His land alone was worth about $40,000-add $100,000 in royalties he could have earned and ya realize that our welfare system is uckfayed uppay big time-and we support the drunken bum while he sits in his house watching tv and drinking all day every day. Bullchip.