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Trap Winnings and 1099's

Discussion in 'Shooting Related Threads' started by VNVET, Jan 29, 2010.

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  1. VNVET

    VNVET Member

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    Nov 25, 2007
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    Trap Winnings and 1099

    Our club Treasurer has raised the question reguarding 1099's and reporting the winnings of shooters earning more than $600 at an event. Since I've never won anywhere near that much at a trap event and have no idea about other clubs policies, I thought I would get some input from TS.com. I don't recall ever being asked my SSN at any shoot I've attended, even at the Grand. I'm guessing that many clubs DO NOT issue 1099's even when required. I'm certain the tax law requires this, but do most clubs ignore it or does the rule get followed all the time. (disclaimer) I am not or ever have been affiliated with the IRS.

    Jim
     
  2. Battue

    Battue Member

    Joined:
    Jan 29, 1998
    Messages:
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    My experience is that most clubs will issue 1099's. Some have to work a bit if they do not have SS#'s on file. I just got a call this week from someone who had to track me down, since I recently moved.

    Pat
     
  3. BIGDON

    BIGDON Well-Known Member

    Joined:
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    6,625
    Location:
    Michigan
    Some places will not give you any winnings without your SS#. Others don't seem to care. On the honor system you are suppose to report winnings minus entry costs. Entries should exceed winnings unless you are really good.

    Don
     
  4. jbbor

    jbbor Active Member

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    The rule is $600 in the calendar year. Not per event. It can be an expensive mistake for a club to ignor the rule. A club does not "have" to have your S.S. number to report payments exceeding $600. If they do not have it and can't get it, they are supposed to report the winnings using your name and address. Jimmy Borum
     
  5. W.R.Buchanan

    W.R.Buchanan Member

    Joined:
    Dec 19, 2009
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    Location:
    Ojai CA
    Guys:

    If you are winning money at an event, and you are getting 1099'ed for income related to that event, then all of the costs associated with participating in that event are deductable. IE: Gas, food, lodging, ammo, reloading supplies, car maint, RV maint, shotgun, reloading tools, and the list goes on just like it is for any business. Income can ALWAYS be offest by expenses. That's the way the tax code is structured. IE: you reinvest your income in providing jobs, and services to the economy as a whole, and you receive tax incentives (deductions) in exchange. It's what makes the US work. Why do you think corporations pay little or no taxes?

    If you are a professional gambler then the only thing NOT deductable is your actual gaming losses. Same holds true for stock market losses, real estate, and investment losses, as they are all gambling of one sort or another.

    You guys really need to get counciled by a REAL CPA about what you can and cannot deduct as business expenses. Mine costs me about $250 a year to do my 20+ pages of tax forms, and has saved me 100's of thousands in taxes over the last 20 years.

    With the current state of the economy and give away programs by our current administration, any money you pay in, could be better spent by wiping your ass. You need to adopt a similar attitude!

    Think about it, (not too long) you spend your money, or someone else spends your money. tough choice?

    Get schooled!!

    Randy
     
  6. jbmi

    jbmi Well-Known Member

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    1,451
    I received my first one last year from the MTA, not for one shoot, but for the entire years winnings at MTA events..
    My accountant listed it as Hobby income on my income tax. Not enough to bother with deductions even though I kept all my trap expenses. I had enough other deductions that the amount didn't matter much.
     
  7. W.R.Buchanan

    W.R.Buchanan Member

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    913
    Location:
    Ojai CA
    Great! Now that's the spirit! Now start a small business, Like "jbmi limited" and deduct this and all of your other expenses too. You could employ a neighborhood kid to pull on your reloaders handle, and get a $5000 tax break for creating a job( per Orbamas SOTU address).

    You have to show a profit in the 5th year(.01+ is a profit) otherwise it is ran as a tax write off, and you deduct all of your expenses from your normal income. If you don't show a profit within 5 years then you dissolve, and start another business. "jbmi unlimited" !

    OUR SYSTEM is "designed" to be operated this way, there is nothing wrong with keeping your money, and only fools fill out 1040 short forms.

    I have watched my roommate who makes in excess of $100K/year give the govt $40K+ every year because he is too stupid to listen to me. This year he will file a 1040 short form and E-file, and be giving them $42K.

    That last $2K will come directly from his bank account as payroll didn't withhold enough! He is the guy who pays for all of those govt programs. I pay self employment tax only! FICA

    If everyone was taught this in High School our country would be a very different place!

    Randy
     
  8. J.Woolsey

    J.Woolsey Member

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    Randy, a professional or amateur gambler can and will write off losses equal to but to not exceed their winnings. Example: You win $1000.00 You have lost $8000.00 you by law may write off $1000.00 as a loss you cannot do anything with the other $7000.00. It's a very good idea to keep accurate records.
     
  9. Post  2

    Post 2 TS Member

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    468
    Randy have you ever been auditted? I think you are not correct. You may get away with it for a while but you'll get caught sooner or later. Pos-2
     
  10. WoodsonEnt

    WoodsonEnt Active Member

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    May 20, 2008
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    2,410
    At the Grand....if you go slide your ATA card in the reader, and winnings are over $600.00, you have to enter your SSN to get check. Also, at Missouri Fall Handicap, they ask for your SSN at sign-in. I play the options, and I also get some 1099's. Now, I vend at trapshoots, so I turn in mileage, hotel, food, etc. Due to getting 1099, I also turn in entry fees and shells.

    On the shooting end of it....winnings vs. entry fees and shells. Last year I only lost $1400.00 for the year. This year, well I don't care to discuss it. It wasn't my year!

    Matt Woodson
     
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