mclubb5025
Level 1
 
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dd4vols
Level 10
Level 10

Sure... if he uses it in the business..    good thing he didn't win a big diamond....

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mclubb5025
Level 1

He won $268,176 in several tournaments, 2 boats, trailer, motor, new Dodge Ram truck, Recreational vehicle and cash!  Sure make it hard on this tax preparer.

Thanks for the info!

Accountant-Man
Level 13

Since he has to report the value of the boat as income, he can then depreciate it just like he bought it.

If he doesn't report the income, then the basis of the boat would be zero.

** I'm still a champion... of the world! Even without The Lounge.
Just-Lisa-Now-
Level 15
Level 15

@mclubb5025 wrote:

He won $268,176 in several tournaments, 2 boats, trailer, motor, new Dodge Ram truck, Recreational vehicle and cash!  Sure make it hard on this tax preparer.

Thanks for the info!


Sounds like he won alot of stuff and you get to raise your prices!  win - win!


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers
BobKamman
Level 15

Professional tournament fishing is somewhat akin to professional gambling.  It's something more than a hobby, but often something less that a business.  An interesting fish tale:

https://www.mossyoak.com/our-obsession/blogs/fishing/brandon-palaniuk-discusses-the-price-of-being-a...

"Each tournament I fish costs about $7,500 for entry fee, food, lodging and gas.. . ."