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Trap Shooting Winning's and Taxes?

Discussion in 'Shooting Related Threads' started by Husky44, Dec 11, 2012.

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  1. Husky44

    Husky44 Active Member

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    Trap Shooting Winning

    I’ve had a little success shooting PITA multiplex this year (Lewis event) and have won over $600 and have been required to fill out a W-9 by PITA? Will I have to claim this as income and can the costs incurred be deducted? Thank you

    Domenic
     
  2. Dickgshot

    Dickgshot Well-Known Member

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    I suggest you do a SEARCH as this subject had been covered in great detail, especially by 870 and myself.
    The short answer is that you do have to report it as income, and if you don't the IRS computer will catch it.
    If you itemize your deductions on Sch. A of your tax return, you can deduct
    expenses up to the amount of your winnings as a "miscellaneous deduction"
    However you have to subtract 2% of your income from miscellaneous deductions, and can only deduct what's left.
    So you will never completely offset the income.

    If anybody posts anything different from what I just wrote, it's either BS or just wrong - or both.
     
  3. drgondog

    drgondog Member

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    I am obviously out of date but when I was shooting a lot of flyers in the 60-90's - I kept meticulous recoords on everything except mileage as I depreciated one of my vehicles for business purpose.

    But I reported all my winnings in my schedule C business as well as hotel, meals, entry fees and winnings - I reported all and every once in awhile my winnings were higher than the itemized expenses.

    I was never audited but maybe an accident 40 years running.

    Regards,

    Bill
     
  4. drgondog

    drgondog Member

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    Sportshot - I agree with you to this extent. I have legitimate business activities under Schedule C and have been accurately reporting more than my few 1099's (Pigeon Shooting is largely a cash business) in conjunction with Consulting and until recently farm and vineyard.

    In all cases I never reported a loss on the Scedule C, although my net activites Pigeon shooting were plus and minus on a year to year basis.

    Sched C deductions are very risky IMO if you are Only recording your trap/skeet/pigeon activities - as you would be likely be lumped in with gambling professionals.

    Regards,

    Bill
     
  5. shoobedoo

    shoobedoo Member

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    What about winnings from Lewis etc. @ league shoots and the like..?? Over the course of the summer and fall I've taken in maybe $350 tops, including about $75 for a "high gun" in a 50 bird shoot, and another $100 or so for "yardage group" winnings, but the bulk of it came back to me in the form of Lewis winnings, usually in the neighborhood of $10 to $30 ea. I have never been asked to fill out any tax forms of any kind, and I've never heard anything about the leagues I shoot in "reporting" this kind of stuff, if they do it's news to me, and I haven't kept any sort of tally of my "winnings" as my expenses in entry fees alone have far exceeded anything I've won.
     
  6. OldGoat

    OldGoat Well-Known Member

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    Shoot "targets only" and enjoy....forgetaboutit...who needs IRS headaches? Regards, Ed
     
  7. drgondog

    drgondog Member

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    Strictly speaking you are obligated to report all income. Strictly speaking you may report both income and expenses. practically speaking you can choose to ignore both as the net benefit to IRS is zero to even bother you and the risk of an audit is low. You have to make your own decision based on risk/reward.

    Regards,

    Bill
     
  8. shannon391

    shannon391 Active Member

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    If you get a weekly payroll check and pay into the proper amount of tax, file on time, ect... an audit should not become "complicated". DickGtax advise is very good.

    If your a self employed business man, it can become a very big deal, even if you think you are doing everything right. Best to be compliant as possible, do some research and hire the best accountant, EA you can afford and PAY your taxes!

    I value my sleep.
     
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