Tax on rodeo winnings?

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Bigfoot
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Tax on rodeo winnings?

Postby Bigfoot » Thu Feb 18, 2016 12:08 am

It's a pretty common practice to have to fill out a w9 to be paid. If I get a 1099, I just give it to my tax guy. New problem, two of my kids got 1099s this year.

How do you handle that?
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talltimber
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Re: Tax on rodeo winnings?

Postby talltimber » Thu Feb 18, 2016 6:17 am

Heh Heh. Give it to your tax guy too.

How old are they?
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Re: Tax on rodeo winnings?

Postby Bigfoot » Thu Feb 18, 2016 8:27 am

talltimber wrote:Heh Heh. Give it to your tax guy too.

How old are they?


11
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TennesseeTuxedo
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Re: Tax on rodeo winnings?

Postby TennesseeTuxedo » Thu Feb 18, 2016 9:57 am

Income below a certain amount may be tax exempt. Ask your tax guy.
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slick4591
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Re: Tax on rodeo winnings?

Postby slick4591 » Thu Feb 18, 2016 12:15 pm

Unless they've hit some big jackpots they will have to file but probably won't have to pay anything.
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TB521
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Re: Tax on rodeo winnings?

Postby TB521 » Fri Feb 19, 2016 10:50 pm

Back when I raced the track would only send them out of you made atleast $1200
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Re: Tax on rodeo winnings?

Postby fenceman » Sat Feb 20, 2016 7:17 pm

Talk to your cpa. Back several years ago I won a pretty good chunk in a bass tournament. I had to pay some tax on the money but was also able to make some deductions on expenses.
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