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Taxes

Discussion in 'GSSF' started by jobob, Feb 21, 2007.

  1. jobob

    jobob

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    I won 2 Glocks and some cash at a GSSF match last year. Now I got a 1099 form from GSSF and I have to declare my winnings as income! I'm sure my expenses, if deducted, would more than make up for it. Could anyone with tax knowledge tell me if I need to fill out extra forms, declare myself a business, or whatever? I guess I could deduct all my shooting expenses last year, which would be several times my winnings.
     
  2. madizzy

    madizzy

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    you'd actually need to have a business to do that, i'd say. which would really require you seeing a CPA. trying to run a business as a competitive shooter would require some creative accounting, i'd think.

    other option is to sell one of the glocks to cover the tax bill.

    1099's are a pain in the ***. i won a trip 10 years ago and luckily looked into the value before taking it. they had it valued at $40,000 ($20,000 would have been more accurate) so had i taken it, i would have been looking at $15,000 to $20,000 in taxable income.
     

  3. Don At PC

    Don At PC Senior Member Millennium Member

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    I also won 2 Glock Certificates and cash in 2006. I just turned my 1099 into my accountant with my other tax documents and let him handle it. I would love to do that on a regular basis, no complaints here.:thumbsup:
     
  4. ede

    ede Bama's Friend

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    same here along with all my other tax stuff. let them sort it out and then cut a check and sign on the dotted line. it beats the hell out of trying to figure it out myself.
     
  5. FESTUS

    FESTUS Horse Whisperer

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    Well....I've done my taxes now for over 30 years myself and have had several businesses...last year I was lucky....not skillled and won several random pistols and yes I have a 10-99 from Glock.....after reading up on the additional income I realized that I need a minimum of $2700.00 in receipts to start looking at an appreciable deduction.....appreciable was not there, not because of lets say $3600.00 in expenses but because of other income....Unfortunately the 30% rate for the winnings was relative to my cost....soooo if you won (3) pistols that had a value of $900.00 ...your tax liability ....in my case was 30%...regardless of my expenses....unless they exceeded $3500.00 and I filed this as a separate return....I took the $300.00 hit .....so if ya won (3) Glocks ya gave one back to Uncle Sam....in my case it was the State Of Indiana. :upeyes:

    If you are filing a joint return and are employed and make a comfortable living ....you will probably consider those free Glocks costing you Taxes on whatever your normal Tax Liability.....Have Fun:thumbsup:
     
  6. Norske

    Norske Millennium Member

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    What all of you, what all of US, need is a switch to the "Fair Tax" by Congressman Linder and Niel Boortz, to REPLACE all current taxes with one sales tax on all new goods and services.

    No more payroll deductions. No more W2s. No more 1099s. April 15 becomes just another day on the calendar.
     
  7. DEJ/FL

    DEJ/FL Millennium Member

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    But then the democrats won't have extra money to squander away!:upeyes:

    Dan:cool:
     
  8. unclebob

    unclebob DFC, MSM, 13 Air Medals.

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    They would have more money to squander away with the fair tax. But then democrats think that your money is there money and there solution to every thing is more taxes. There philosophy is the rainbow fish.
     
  9. Don At PC

    Don At PC Senior Member Millennium Member

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    Not only Taxes; if you elect a Democrat for President in 2008 before 2009 is over you will loose more of your gun rights than you lost during the Clinton Assault Weapons Ban. Don't believe me take a look at HR 1022 that's in committe right now.:sad:
     
  10. jobob

    jobob

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    You nailed that one on the head! AND, let me say that if you vote for a Libertarian, Constitutionalist, or what-have-you, you are, in reality, voting for a Democrat. I sure don't like the looks of the Republicans in the lineup so far, but they are far, far ahead of any Damnokrats!
     
  11. Contrail

    Contrail

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    I won a Glock in the LEX RO drawing. I ordered it in Dec and haven't received it yet. I didn't get a 1099 from Glock for 06. Is the certificate taxable, or the Glock itself? In other words did I have income from Glock in 06 or will the income be in the year I actually receive the pistol?

    Thanks,
    Landon
     
  12. Don At PC

    Don At PC Senior Member Millennium Member

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    Each Certificate is valued at $400. They do not have to report it to the IRS and you will not get a 1099 unless your total winnings is $600 or more.
     
  13. Contrail

    Contrail

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    Thanks for the clarification!