mar t---when 25 guys get together and throw $10 apiece into a kitty for a season-long fishing tournament, the IRS couldn't give a crap. But when 500 guys do, and the guy organizing it collects $1,250 for his time and trouble, and the winner takes home $3,750 in cash, they just might. Especially after it's been advertised on the internet and guys are paying their entry fees by check
Sounds like the only "bonus" here is you getting 25% of the pot. I fish in quite a few tournies and have never seen that big of a holdback unless its for a charity.
mar t i thought we were talking about a fishing tournament were did the IRS come in to play and talk of a 1099. you would need a hole lot more people to take in enough money for a 1099. just go fishing and leave the IRS out of it. and as for the cheating and fighting if theres anyone reading this that has cheated or fought over cheating your not welcome to fish with me ever just keep your lines tight and put the fish back when your done taking the picture.
Seriously, I don't know why you are turning a FISHING tournament into an argument, especially if you are an angler. This tournament is not going to break out into 500 people, maybe not even 25 people! I will compare this to a raffle at a local sports game again, they have around 50 people atleast buying tickets to win a pot of entry fees and the winner gets only 50% of the pot. I don't think the IRS has come in asking for explaining. I still think that you should try this out before questioning it. And now from your reply's i might just add a limit on it.
come on mike you know as well as i do that there is no way in hell that there will be 50 guys fishing this tourney let alone 500. and i'm not argueing the fact the IRS are a bunch of money hungry grubs i totally argee with you and if he ever gets that many people to fish it then the winner had better pay his VIG because it sounds to me like theres more than a few here that would report them if there winnings were high enough for taxes to be taken. but my point is and i mean no disrespect to you or anyone else when i say this but guys come on just fn fish it's the most fun you can have with your clothes on unless your into nude fishing.
keep a tight line and put the fish back after you photo it
keep a tight line and put the fish back after you photo it
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