1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

Tax question on shooting winnings

Discussion in 'Shooting Related Threads' started by pullbangloss, Feb 21, 2009.

Thread Status:
Not open for further replies.
  1. pullbangloss

    pullbangloss Active Member

    Joined:
    Jan 29, 1998
    Messages:
    1,831
    Hey guys, I was wondering if anyone has had experience with taxes on shooting winnings. For some reason the trap grounds in Mason, MI (home of the MTA) have sent me a 1099 for 2008. I'm curious as what I can provide for "write off" purposes. I have receipts for entry fees, hotels, and shells but I am wondering what else I can include, if anything. Who knows, I may not be able to write of or claim anything. That's really why I am asking this question. Any thoughts or previous experience would be greatly appreciated. Thanks in advance.

    Matt Ski
     
  2. Go Fish

    Go Fish Member

    Joined:
    Jan 28, 2006
    Messages:
    211
    When I had won enough money from the Grand to get a 1099 from them I was able to claim expenses up to the amount I won. Hotel, entry fees, food, mileage were a few. Since the 1099 was for 2008 you can write off any expenses from any ATA event you shot during the 2008. Hopes this help.
     
  3. hmb

    hmb Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    9,442
    Did you spend any money during the tax year to improve or maintain your shooting skills.(clinics and practice costs). Range fees and shooting club dues paid in the tax year. Small hand tools needed to perform your income gathering task.(guns and reloading equipment). Shooting glasses and ear protection which were required inorder to participate in the event.

    If you left from your regular job to drive to the shoot, then the mileage is deductable.

    I hope this helps. HMB
     
  4. halfmile

    halfmile Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    15,649
    Location:
    Green Bay Wisconsin
    Don't bother deducting more than you got a 1099 for.

    That's a good way to attract some unwanted attention.

    HM
     
  5. Texas Ton

    Texas Ton TS Member

    Joined:
    Jan 29, 1998
    Messages:
    417
    I'd agree, whatever you have to report, or was reported to the IRS, provide receipts to as close to that amount as possible and forget the rest.
     
  6. Quick 1

    Quick 1 Active Member

    Joined:
    Oct 2, 2008
    Messages:
    335
    Thats real good advice not to deduct more than the 1099 is for. The IRS veiws hobbies different and deducting more than winnings is almost a sure way to get an audit. I went through this with my racing career and could not take full deductions until quitting my day job and proving I was trying to earn my livelihood with this activity. Even then, it can't be a loss every year. My advice would be to get professional help if your are going to claim more than your winnings. Hope this helps.
     
  7. racer

    racer TS Member

    Joined:
    Jan 29, 1998
    Messages:
    541
    Quick 1 - how has your racing career been so far and what type of racing? Thanks, Dan
     
  8. mollyone

    mollyone TS Member

    Joined:
    Jan 6, 2009
    Messages:
    299
    OBUMMAS people can get you out of it
     
  9. cubancigar2000

    cubancigar2000 Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    10,521
    Location:
    Idaho
    You can dedcut all expenses up to the amount won, same as gambling winnings or lotto.
     
  10. Border Bandit

    Border Bandit Well-Known Member

    Joined:
    Aug 27, 2008
    Messages:
    1,715
    Location:
    Fairfield PA
    You hear about us hobby shooters getting a 1099 and have to smile. If I were put in such a position, the IRS agent reading my 1040 would go into apoplexy, trying to figure out which business plan was being used to generate such astronomical losses. Easy, would be the explanation, we just follow the same business principals they use to run our Government.

    I wonder if they're having as much fun as we are? (GRIN) bust 'em all, boys ....mike
     
  11. pullbangloss

    pullbangloss Active Member

    Joined:
    Jan 29, 1998
    Messages:
    1,831
    Thanks to everyone for their comments. This has helped me out a lot.

    Matt Ski
     
Thread Status:
Not open for further replies.