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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.
 

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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
 

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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!!!
 

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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.
 

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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.
 

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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
 

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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
 

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

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

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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'
 

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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.
 
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