Big Bass Bash

[RogueAgent]

I cooked Rock N Ribs in Springfield Saturday and stayed at Point Randall that night.  Got up at 4:30 Sunday morning just as the rain began... it didn't stop. all. day. long.  I weighed a 3.04 and a 4.08.  The 3 came on a black n blue chatterbait with a blue flake zako trailer burning it in front of dock slip openings in McCoy Branch Cove.  The 4 came on a French Pearl Megabass in Lick Branch Cove.  I don't have any fish pics but here is a pic of our 3rd place ribs.  

[DADAKOTA]

On 4/23/2018 at 12:13 PM, Gavin said:

1099's are easy to file. My admins do a pile of those. Good to paper them with the income if you are splitting more than $1,200. The IRS can match and it will sucure your deduction. Would add some travel, boat gas, mileage, etc on the deduction side.

Not sure how you can claim deductions on a hobby.

[Flysmallie]

1 hour ago, DADAKOTA said:

Not sure how you can claim deductions on a hobby.

I'm sure Gavin is right. If the government can share in the winnings they can darn sure share some of the expense. 

[DChance]

1 hour ago, DADAKOTA said:

Not sure how you can claim deductions on a hobby.

with a good accountant

[Gavin]

You can claim deductions against your hobby income but deductions are limited to your gross income from the activity in any given year (iRC Code Section 183). 

[fishinwrench]

If a guy has been busting his rump fishing tournaments for 7 years, bucking the expenses all along the way, and then FINALLY has a good day and gets a fat check.... it's a genuine kick in the nuts to have Uncle Sam standing at his mailbox with his hand out demanding a slice of it.  

Interest on boat loan=deductible.

Tackle expenses=deductible.

Fuel & oil=deductible.

Mileage (or fuel) on tow vehicle?

Maintenance? 

Lodging?

Entry fees?

I had 1099's up to 16-18k in '93-94 and I didn't have to pay in anything.  And that was with a little old lady down the road filing my taxes.

[Gavin]

Would limit a few of those for personal use, but no problem signing a return with those deductions on it.

[slothman]

10 hours ago, Gavin said:

You can claim deductions against your hobby income but deductions are limited to your gross income from the activity in any given year (iRC Code Section 183). 

Where would you claim that? Schedule C? 

[Gavin]

We usually toss that on a Schedule C. Just limit it to $0 if a loss and no complaints from the service. Claim a loss they might want a look. Would do differently if you are making some real money.

 

 

 

[shrapnel]

I think I need Gavin as my CPA.