Jump to content

dividing winnings


Recommended Posts

Hi, want to get into some tournaments this year. How would any winnings be divided amongst the team. Not that I plan on winning anything, but you never know. Usually the captain has all the money invested in the boat and gear

 

Thanks

Link to comment
Share on other sites

1 hour ago, hawkeye625 said:

Same formula for derbies?  Also, any allowance for taxes?

Yes. The boat owner (captain) would tell us his tax bracket after consulting with financial adviser and keep that amount from the winnings for taxes. The winnings are a lot less after taxes and expenses.

Edited by MikeyP
Link to comment
Share on other sites

7 hours ago, Silver Fox said:

1 part boat and
each person gets a part.
3 guys would get split 4 ways.

Sent from my SM-N950U using Lake Ontario United mobile app
 

 

Agreed, provided all 3 guys pay an equal share to the tournament costs. Costs include entry, food, lodging, boat slip, etc.  In the past, we took winnings, paid all costs, and then divided by # people + 1 boat, assuming each paid an equal share in the entry fee (which was in essence paid in advanced so this cost was not taken off).

Link to comment
Share on other sites

Expenses get split evenly among teammates. In the event you win money split the winnings evenly among teammates with the boat acting as a share.

 

IF you win over $600 you will most likely get 1099'd from the tournament entity. What I do is give everyone their share, and at the same time issue them a 1099 for that amount. This lowers your taxable income and lets everyone share the tax burden equally (although the captain will pay on two shares).

 

My advice to the captain is to discuss this prior to practice with them team so everyone is on the same page.

Edited by Yankee Troller
Link to comment
Share on other sites

We split equal shares and if you got good buddies they take care of captain and boat. My team is great. We win split it evenly and they always give alot back back. 

 

 

 

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...