I know that if you fish a cash tournament you are suppose to report that on your taxes (most people don't), but what about winnings from organizations such as FLW or BASS. 

Last year I won about $500 bucks on BFL, but never got a 1099-misc from FLW....did anyone get one?

I know everyone is thinking, "man this guy loves to pay taxes," but its more like "man this guy really doesn't want to get auditted!"

Thanks in advance for any responses.

Yup, got mine from the Weekend Series. Sucks...

If it's under $600.00 you don't have to report it.

Got mine from FLW a few weeks back...luckily my accountant says I can write it off with all my expenses.

If it's under $600.00 you don't have to report it.

If you get a 1099 whatever amount, you should report. The IRS has a payer/payee EIN/SSN system that cross matches all amounts no matter how small. Not reporting a small amount can trigger a flag which can cause bigger problems. Not worth it. Same thing with not report-don't let a small reporting problem cause a bigger problem besides as one of the posts said, you can offset fishing expense against the income  to pay no taxes on that income. It just doesn't make sense to cut those corners

Lots of reasons to file a Schedule C with your tax return showing the income and expenses you incur while tournament fishing.

Besides income reported on Form 1099-Misc, all income derived from your fishing venture needs to be included on the Schedule C.  This includes prize money, other noncash prizes, and anything you may receive from a sponsor (free tackle or expense reimbursement).

Just like the requirement to include all forms of income, you are allowed to report all expenses related to it.  This can include direct expenses paid during the year, and also can include depreciation for such items as your boat, electronics, and fishing tackle.

Note #1 - If your tournament fishing is not a full time profession then it will be considered a "Hobby" by the IRS.  Hobby losses are not deductible for income tax purposes.  Hobby income (if it exceed expenses) has to be included in income.  BUT..... if you have been filing hobby returns for a number of years, you should be able to avoid any SE (Self-Employment or Social Security) tax from that income as it will be considered to be passive in nature.

Note #2 - If your tournament fishing is wholly or part of a full time fishing type business, then profits/losses should be included as such on the front of the Form 1040, and profits will subject to SE taxes.

My suggestion for the hobby folks would be, that regardless of whether you have received a Form 1099 or not, that you prepare a Schedule C to be included with your tax return.  While you may not write off those losses, you do want to establish a history of this passive activity.  Many people fish mostly small time tournaments, but on occasion will enter a large charity or big bass type tournament were there is always a chance that the hobby all of a sudden has a huge payday.  If you have established the fact that your venture is truly a hobby, you won't be subject to additional 15% SE tax.

Food for thought, it could happen to any of us.

I could of swore it was $1000. But anyway if you don't get a 1099 misc from them, don't worry about it. And make sure you deduct any expenses you incurred in winning that money (and only that money).

I bowl in tournaments, and our team took first place ans we won $5000 ($1000 each for 5 guys), and I did get a 1099...and was allowed to deduct the entrance fee, I did not have any other receipts.

Not that I actually work for Uncle Sam, far from it, but you guys are coming to the wrong conclusions.

You are supposed to start reporting that income at $1. 

It's the tournament organizer that isn't required to report it on Form 1099 until it exceeds $600 for the entire calendar year.  You could cash money several times during the year under that threshhold but still get a form if the total for the year goes over that amount.

Note to all those TD's and other club officers out there.  If you ever get your club audited, the IRS will check to see if these forms were filed.  The penalty can go from $50 per/form to as high as the amount of tax that could have collected starting at 15%.