Do you have to pay taxes on all of the money that you win in tournaments??????

That would depend on if the tournamnets that you won at are sending you a 1099. You are supposed to report all income. If you report the income, you also need to use all of your expenses as deductions against the income.

A fomer accountant of ours used to have a saying that made a lot of sense when it comes to taxes, " pigs get fat and hogs go to slaughter"

If you keep track of your expences and use an accountant, you can probably write off most of the winning you get.

Personally, just don't deposit the cash and only report when you get 1099's.

You are small potatoes for the IRS, they ususally only audit people who make over $100K per year. They can't get enough cash out of the people who make less. (unless they are cheating big time)

MMMM..........Not very prudent or wise to make suggestions that people NOT report income from winnings in such a public Forum like this.
As far as being audited because your not a big fish ??
Wonder how many people have ever thought this and then got audited ??

My suggestion is report everything. And remember there are many deductions you can make that will more than likely nullify the taxes from the winnings anyway. Mileage, hotels, food etc...

I report all my winnings, however, since I drive 30,000+ miles a year just for tournaments, that's over $10k of write-offs. So pretty much I don't have to pay any taxes on my winnings.

MMMM..........Not very prudent or wise to make suggestions that people NOT report income from winnings in such a public Forum like this.
As far as being audited because your not a big fish ??
Wonder how many people have ever thought this and then got audited ??

My suggestion is report everything. And remember there are many deductions you can make that will more than likely nullify the taxes from the winnings anyway. Mileage, hotels, food etc...



Creekside the trolls most productive post ever :D

Thankyou :cool:

See Harold Duvall's reply (and Bruce Brakel's reply immediately above Harold's) in the Income Tax Question (http://www.pdga.com/msgboard/showflat.php?Board=Other%20PDGA%20Topics&Number=137244&Searchpage=0&Main=137110&Search=true&#Post137244) thread.

Now back to our regularly scheduled discussion.

:D

We have to schedule these things ?