Quote Originally Posted by blueducklane View Post
Speaking of taxes, will you have to recognize this sale (when it occurs) as income or a gain or how is that treated?

I want to be prepared!


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Without saying to much, you have options when you're a tournament angler... oddly enough, sometimes it's better to consider your tournament fishing as a hobby not a job/company, which quite frankly, it is because it's not a full time job. When you take into account what it cost traveling the country fishing, you're in the red with your hobby even when you win a boat. I'm also a paid outdoor speaker, so I considered making fishing a business for tax reasons, but to my surprise it wasn't going to be beneficial because it was added "income". Now if you'd follow a tournament trail, and don't cash checks, and it's your full time job, you should definitely create a business.