Claiming

[PaFFA Proud]

I was told if u win so much money in premiums and sales at shows that u have to claim it on ur taxes. Here is my questions- how many of yall actually do? What amount do u need too? And also does it apply to jr. livestock sales? I would luv to hear any advice!

 

[fed_champions]

I only claimed mine when it was a very large sum. When it was less than about 5000, i didnt really worry about it. However u can usually make up for the money by claiming, cost, feed cost, travel cost, gas, hotels etc.

 

[kfacres]

yes if I remember correctly, if I made more than 5000 in a summer, I had to claim income taxes.. but never had to pay any, due to having plenty of expenses...  Been claiming taxes since I was 12.. Isn't that a shame...  But I guess that's the price I paid for going to over 20 county fairs in a summer

 

[okshowmom]

We had this discussion the other night at the livestock board meeting. There is some law in congress that will make us claim all money won(I think) either google it or talk to your ag teacher or ext agent. 

 

[Cattledog]

yes if I remember correctly, if I made more than 5000 in a summer, I had to claim income taxes.. but never had to pay any, due to having plenty of expenses...  Been claiming taxes since I was 12.. Isn't that a shame...  But I guess that's the price I paid for going to over 20 county fairs in a summer

20 county fairs!  I remember when I used to hit the county fairs.  I was one worn out pup when we went to 11.  I can't imagine how you felt!  (lol)

 

[kfacres]

yes if I remember correctly, if I made more than 5000 in a summer, I had to claim income taxes.. but never had to pay any, due to having plenty of expenses...  Been claiming taxes since I was 12.. Isn't that a shame...  But I guess that's the price I paid for going to over 20 county fairs in a summer

20 county fairs!  I remember when I used to hit the county fairs.  I was one worn out pup when we went to 11.  I can't imagine how you felt!   (lol)

Towards the end of my show career, we would hit 20-25 county fairs, 3 state fairs (IL IN IA), and a couple national shows... plus the 3 major sales...  shong started when school got out, and quit when school started...  come home every other week to trade out, and pick up a new ton of feed.  Looking back, I'm sure glad I retired when I did, especially before the county fair money left.

 

[KCK]

I got a 1099 from the state of Mississippi when they hosted a high paying Hereford regional one year. I won almost $2,000 and was told if it was "profit" over $600 I had to claim it. I don't think i would have dealt with it had they not sent me the 1099.

 

[aggiegal]

You do need to claim it.  Our daughter and son have been filing since 3rd grade.  The county show sends a 1099 each year...regardless of whether it is $900 or $3000.  This money can add up fast without you realizing it.  After county, jackpot premiums, and sales at majors our daughter had made over 22,000 this year, and she's only 16.  The poster that said you usually don't have to pay in is correct though....as the expenses (animal purchase price, feed, health care, barn supplies, equipment, hotel, mileage, entry fees, etc) add up quickly too!