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fishing tournies and taxes
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<blockquote data-quote="sweeney" data-source="post: 153397" data-attributes="member: 453"><p>I have been seeing we have quite a few npaa members on this site along with quite a few guys that fish multiple tournaments. My question to you guys is when we win we pay taxes on our winnings, are any of you doing anything to offset this? What tax steps are there? Do you do a form c or d and if so how do those work, is it like gambling losses where you can only claim your expenses if you win money? Thanks in advance as I am sick of paying taxes on winnings that usually aren't enough to cover the gas, oil, bait, and entry fees after the govt takes their share.</p></blockquote><p></p>
[QUOTE="sweeney, post: 153397, member: 453"] I have been seeing we have quite a few npaa members on this site along with quite a few guys that fish multiple tournaments. My question to you guys is when we win we pay taxes on our winnings, are any of you doing anything to offset this? What tax steps are there? Do you do a form c or d and if so how do those work, is it like gambling losses where you can only claim your expenses if you win money? Thanks in advance as I am sick of paying taxes on winnings that usually aren't enough to cover the gas, oil, bait, and entry fees after the govt takes their share. [/QUOTE]
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