Taxes

[BDH]

Just wondering if anyone can give me a little tax help? How do you claim tournament winnings on a persons tax forms? Is it considered Miscellaneous income? I'm wanting the information for a person who fishes for a hobby and occassionally might win some money in a years time ($5000).

[Brian_MN]

Depends on what kind of paperwork he gets from the outfit that put on the tournament. Usually, you get a 1099-MISC, miscellaneous income.

[s.f.]

number one, even if tournament fishing is not your primary source of income, you should consider it a business so you can use all the expenses you incur to offset winnings. the npaa office can direct you to a finacial consultant who is familiar with the tournament scene/taxes. i always like that problem...

[Don__SD]

Dido to sf. This person encounter cost to win this money, use the cost of travel, food lodging ect ect. Make sure it is done right, a couple of hundred bucks to a accountant is good sleep money

[SUPERTROLLER]

This is an excellent time to remind everyone. Keep all of your receipts for all your expenses. Entry fees, travel, lodging, food, are all costs incurred from this second job. If you check with an accountant while doing this years taxes, I'm sure he can tell you other stuff that is deductible also. There must be some boat expenses that could be depriciated. Rods, lures, clothes? It's all a cost of doing business. Are protions of these deductible? I don't know but it can't hurt to ask or have it checked into. When my wife sold Tupperware, I was totally amazed at what was a deductible item and shocked that some other stuff wasn't.

May we all have such headaches next year. Good Luck.