Quote Originally Posted by Bluesraider View Post
Sorry to hijack the boat post again (but at least it gets bumped again ).....I have linked a decent article that explains business vs. hobby below but coming from a background of accounting and personal taxes in the past, the rule of thumb is you treat all winnings, etc. as income on a return. Same thing as when you go to a casino and say win $10k....you can bet you have to report it. But on the flipside there are instances where you can show your "losses" at casino for the same year and help cancel some of the income out. There are tons of scenerios and always best to speak to a CPA if you aren't sure.

When Does A Hobby Become A Business?
Good info BlueRaider... Making money in the crappie fishing tournament world 3 out of 5 years would be one heck of a goal! haha Unfortunately, outside of the BassMaster Elites and MLF group the bottom falls out for anglers to make it on a fisherman's salary.

Boat is still for sale. $22,500!