Is it like the lottery? If a rider won 20 grand, would they only take home like a lump sum of 15?
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FigNewtonYeah some comps are. I know that Rails to Riches is taxed
molsongoldenMight be able to deduct some comp and gear expenses to offset the income if you are
dyyylanProbably not, though, unless you're a pro. You have to spend a lot to make itemizing your deductions worthwhile
cultraraIf you get a cash prize, you it would only be taxed if you report it as income. I'm sure some people choose not to report it.
Hugh_Conway_jrIt really depends on if you claim the income on your taxes.
The money you made from selling dope last weekend is also taxable, but who is going to self report that.
eheathEvery contest with a cash prize us taxed, how much tax is paid is based on your overall income. It's seen as misc earnings, 1099.
FigNewtonUSASA Nationals in not taxed.
FigNewtonYes, Open class does. Trust me, I won last season
eheathLol really, how much? I guess if its under 1000 they probably don't give a shit but I was moreso referring to when someone wins 25k
FigNewtonPipe, Rail Jam and Skier X are 2000, slope is 3000
eheathThat's odd, I dunno how they don't get audited for that, alot of untaxed income.
JibbaTheHuttUnless its big money you could probably claim winnings against expenses. I'm assuming as a pro skier you are considered self-employed, so you could say that it cost "x" amount to travel to said contest and hotel bill etc and by winning the contest you only made the same amount, not strictly legal but whats self employment without abit of tax manipulation?...