dividing winnings

[bobwarner]

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

[Silver Fox]

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

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[bondouley]

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

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Exactly what we do. The boat gets a share then our team splits the rest.

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[Legacy]

2 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
 

 

 

minus expenses...

[hawkeye625]

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

[scobar]

same here for the split after taxes, ask your accountant lol 

Edited January 29, 2018 by scobar

[bondouley]

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

Yes

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[hawkeye625]

I'm glad to see others taking a part for the boat.  Most guys I know don't like that idea...but....they don't own the boat. 

[Silver Fox]

In the overall scheme of things, their isn't a ton of money to win for most people most of the time. You do it because you love the competition and teamwork involved.

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[MikeyP]

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 January 29, 2018 by MikeyP

[TyeeTanic]

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).

[Silver Fox]

Only time I may take tax money is if I get a check for $600 or more.

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[Splitshot115]

I give my share back to the boat owner as he incurs most of the expense. 

[Yankee Troller]

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 January 30, 2018 by Yankee Troller

[RD9]

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.