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<blockquote data-quote="shorthairsrus" data-source="post: 153406" data-attributes="member: 219"><p>The thing is what you need to prove is that you have a profit motive. That is the key --we all have heard profit 3 out of 5 years -- case law has allowed for more than that. If your just doing local tournaments and no marketing or guiding--- i would say you have no motive. The winnings from the local tournaments put on in ND is a joke. Plenty of case law on the subject from racing and i am sure fishing is in the mix too. [video]https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor[/video]<a href="https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor" target="_blank">https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor</a></p></blockquote><p></p>
[QUOTE="shorthairsrus, post: 153406, member: 219"] The thing is what you need to prove is that you have a profit motive. That is the key --we all have heard profit 3 out of 5 years -- case law has allowed for more than that. If your just doing local tournaments and no marketing or guiding--- i would say you have no motive. The winnings from the local tournaments put on in ND is a joke. Plenty of case law on the subject from racing and i am sure fishing is in the mix too. [video]https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor[/video][URL]https://www.irs.gov/uac/is-your-hobby-a-for-profit-endeavor[/URL] [/QUOTE]
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