1099

smithjefm

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So I got a 1099 for the first time this year from a contest in 2016. Do I deduct my expenses as a hobby, or is there some where I deduct my expenses for do contest. TIA
 
You should be able to search this topic as each year this comes up

Congratulations on the success that brought you to the question

All of your BBQ related expenses can be used to offset the 1099. Keep your receipts! Contest fees-mileage-meats-rubs-smokers- you get the picture

The best advice I can give you from here is to seek out a tax professional. Turbotax can leave you hanging if you do not have a great grasp of tax code. Many tax professionals charge barely more than what these programs cost with the peace of mind free.

Many hobbyists run into this same thing- Drag racers, tournament fishing etc.
 
A hobby and business (at least the use of schedule C) are very different. There are restrictions on deductions of a hobby based on a percentage of your total income (not just bbq income). If you have a lot of other deductions such as medical, etc. then a hobby may be ok. Otherwise use the schedule C and treat it as a business. But as stated above, consult a tax professional.
 
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