Okay I did a search on this and did not find anything. There are a couple of big bass tournaments coming up that I am considering fishing. The question has been raised as to how should you split, if at all with a partner in the boat?
I have been told there are two options:
1. A 50/50 split.
Some discussion on this, if I am in my boat and go 50/50, is that reasonable? When doing a 50/50 split, the individual who is the prize winner will receive the 1099 and the taxes that come with it.
2. Treat it as an individual prize. Winner will receive a 1099 for the winnings.
I talked with a guy who is a regular in these type tournaments, and this is his philosophy.
As always when it comes to money things can get touchy. I appreciate any comments either way or if you have done it another way I am open to listen.
Right now I am not sure I am going to proceed doing one since feathers are already ruffled.
Thanks!