Tournament winnings???

[Ness]

How much are you allowed to win before you have to
declare it????? My Boss says anything over six
hundred, is he right????

[Pops]

Ness, if I were you I would check with a tax attourny.
If I remember right, I was told $1 and up. You know how the government is, they want thier cut no matter how small.
To be safe check with a tax attourny. He can also tell you what exspenses you can deduct to offset any winnings.
Keep your rod bent!!
Pops

[Fish-on]

You have to declare all your winnings. A tournament organization will send you a 1099 if you win over $600 in a calendar year.

[ETT]

Ness, the 600 bucks thing means the a 1099 should be sent to you. Guess who gets a copy of that. So you abviously must declare all winnings over 600. But you are supposed to declare all winnings. They can be offset by all your expenses, ie. entry fees, fuel for the boat, mileage for the tow vehicle, meals and lodging at tournament sites, etc, etc.
Some guys set up a charge card for just tournament fishing and charge all the stuff to accumulate the required receipts. Your accountant or tax preparer may have a better idea. If you set it up as a bussiness you can only operate at a lose for 3 years (I think). Lots of ways to go about it. Hope this helps, good luck

[Chad]

Make sure to keep all your receipts for expenses you incur while fishing and you may want to keep a log book for miles you put on during tournament travel. Pre fishing would also count. You should also be able to depreciate your boat and vehicle. If you were not issued a 1099 you can mostlikly get away with not claiming it on your taxes. Kind of like winning at the casino. It is not legal but neither is going 56 in a 55. I would make sure that I kept enough receipts to cover my winnings and then keep the info in with the tax returns incase you ever get audited.

As always, seek a professional for sound advice.

[Nick_Ia]

Ness, just how much have you won?:-) I wish I had those kinda tax problems. Congratulations on a good year! Watch them Revenueers', they are pretty tricky... P.S. Above advice is sound, see a professional before filing your returns.