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ATA Grand Tax form

Discussion in 'Shooting Related Threads' started by KS-OKIE, Jan 12, 2013.

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  1. KS-OKIE

    KS-OKIE TS Supporters TS Supporters

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    Got my tax form in the mail today from the ATA for the Grand.Seems a little unjust to have to pay taxes on $730.00 won over a 11-day period.Does this mean I qualify as being in the PRO CLASS ? HA-HA...KS-OKIE.
     
  2. RWT

    RWT Well-Known Member

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    KS-OKIE

    Don't even claim it on your return unless you itemize. If the IRS questions you explain that it is a hobby. Cost you more than that to win it.

    Robert
     
  3. Dickgshot

    Dickgshot Well-Known Member

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    Amazing that someone can put so much bad advice in one post.
     
  4. PaShooter

    PaShooter Member

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    Better claim as it is a 1099-misc! Easy to offset with entry receipts, mileage, ect. Thinking my tax guy called it a second business....wash in my case!!!
     
  5. 1100shooter

    1100shooter TS Member

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    A few years ago my wife hit a small slot machine jackpot in Mississippi. Naturally they took state tax out on the spot. When I did my tax I could not write off losses equal to the jackpot (although the losses far exceeded the jackpot. The reason is that I do not itemize medical, mortgages, or other deductibles. Kind of one way but that is how Turbo Tax did it.

    Good luck.
     
  6. blade819

    blade819 Well-Known Member

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    I received mine today also. I easily write off the camping, gas, entry fees, sheels, beer and Bar B Q. :eek:)

    blade819
     
  7. RWT

    RWT Well-Known Member

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    dickgtax,

    I assume from your sign on name that you are in the tax business. That is exactly what my tax preparer advised me to do. I did it for 5 years and on the 6th year when the IRS finally audited me and questioned a 1099 for $5200.00 from the state shoot, I wrote them a letter and explained that it was from a hobby and I spend more than I make over the year, that was about 10 years ago they agreed completley, and I have never been questioned on the lack of not claiming it since. Still have the letter from the IRS to that effect.
     
  8. cubancigar2000

    cubancigar2000 Well-Known Member

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    Listen to pashooter, thats what you do. Dont even think about not reporting it. You will get caught period because the 1099 is entered electronically. Use the schedule C for deductions as a cost to earn that money, such as motels, gas etc. You may come out better yet. You could even depreciate your gun I believe
     
  9. chuckie68

    chuckie68 Active Member

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    I think if one was to depreciate their gun and then sell it later you are obligated to pay Capital Gains on said sale. Just sayin.

    Chuck
     
  10. Simon Engraving

    Simon Engraving Active Member

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    i liked the bbq. write off. can the pig get depreciated?
     
  11. grntitan

    grntitan Well-Known Member

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    I get all my tax and medical info from the trap shooting forum.
     
  12. Avaldes

    Avaldes Well-Known Member

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    Yeah me too, much cheaper than a CPA..or a doctor...
     
  13. trapwife

    trapwife Well-Known Member Supporting Vendor

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    Hope Leo's 1099 gets lost in the big tax computer in the sky....
     
  14. hmb

    hmb Well-Known Member

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    I believe your trap gun is a small hand tool necessary for performing your job, thus a valid deduction. HMB
     
  15. Porcupine

    Porcupine Active Member

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    Chuckie68,

    Depreciation on a trap gun would be re-captured as ordinary income BEFORE the calculation of any capital gain or loss.

    LA in 'Taxachusetts'
     
  16. RLC323

    RLC323 Member

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    My tax person says if it is under 5 grand just pay the tax you owe. It is not worth the grief for any less.


    You may try to call it a business, and the IRS calls it a hobby.


    The IRS may call it a business, while you try to call it a hobby.
     
  17. RWT

    RWT Well-Known Member

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    RLC323,

    I would find me a new tax guy, unless you are one of the 1%er.
     
  18. dustmaker

    dustmaker Member

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    RLC323:

    Your tax guy is doing a good job,,,,,,

    for the IRS.
     
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