04-23-2023, 04:19 PM
Taxes for cash prizes?
submitted by /u/Interesting_Task_826
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I am going to host a recreational sports tournament and want 100% of the registration fees to go to the 1st and 2nd place winners for the highest division. What is the best way to document this from a tax standpoint?
Do I count the registration fees as income and possibly need to give the winners a 1099 if the winnings exceed a certain amount? Could the winnings be categorized as an expense?
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