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How would you divide a tournament winning purse? There are no paid captain or mates just the boat owner and three of his buddies. Say the total winnings was $10,000. Four thousand purse and six thousand calcutta. The entry fee, fuel, bait, ice, food, etc was $2,000. What is the boats share, owners share and buddies share etc.
 

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The way we do it is, all bait, tackle, fuel and tourney entries paid up front. Example, Shark Tourney we all throw in $700 to start. Cover all expenses, return what is not used. As for winnings. 4 guys on the team, owner and 3 freinds. Break up to 5 shares. The boat gets a share. My friends and I all agree that this is fair, no matter who's boat we go on.
 

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Using your numbers of $2,000 and $10,000 best case scenario for a non boat owner on the trip would be $2,500 won and $500 paid. However the Capt. has other costs due to owning the boat which arent covered in the $2,000 spent for the tourney ie. slip,insurance,sea tow, blah, blah blah. So in my opinion i would add the boat as a 5th member with an even split. Obviously it goes in the Capt. pocket the day u split up the money, but dont worry he will give it to the boat one way or another :) $2,000 for the 3 buddies $4,000 for capt/boat. Just my opinion
 

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You guys are all right since we all have the same opinions.. lol

that is the right way to do it!

Got to give the boat and share in such case something happens and a motor goes..

Who is going to fix it?

The owner of the boat of course. lol
 

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sportfishingusa said:
You guys are all right since we all have the same opinions.. lol

that is the right way to do it!

Got to give the boat and share in such case something happens and a motor goes..

Who is going to fix it?

The owner of the boat of course. lol
I'm gonna change my opinion now, I can't agree with you:D
 

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As stated above the boat gets an equal share of the winnings. So if 4 total including the boat owner the purse gets split up 5 ways. The fees, bait, and fuel ect. would get split up 4 ways.

Its the only fair way, if you factor in slip fees maint. and insurance. Let alone boat payments. Even with the boat getting a share the owner still comes out behind everyone else on the boat. But we're all in this for fun right?;)
 

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Well the 1099 would basically have to be filed by the boat owner and the taxes paid... i am not sure exactly how it would work out but best bet would def. be a accountant!
 

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The boat gets it share is the norm and fair..

However, you talking smaller prizes you better figure in taxes. I would also have to pay the taxes so i would deduct that off the winnings as well.
 

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On my boats the boat always gets a share. Just think when the clock is ticking and you have her on the pins to make the scales the boat is working harder than the crew. Also the crew I fish with is not alway's avalible to do mait. and prep work before and after a trip.
 

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Captain gets 50% and mate gets 40% Owner and boat split 10% Guests get diddly...:D


If no pros are involved. Expenses off the top... Share for boat is common but must be agreed on in ADVANCE. That often goes away in high stakes game though, often boat share is reduced... so that part is flexible. Friends and owner paid equally if their initial investment was equal...
 

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Boat gets one share is the norm. If you hire a pro capt and his mate, they get paid a full share, and tip also. Four friends in a tourney splitting all costs, its a five share bet, four equal, for the crew and cappy, one for the boat that got you out. Its just respect to pay the boat a share, And the owner. I think.
 

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well if its is 4 friends who are fishing.. and they all paid to get in equally and this is not a charter operation then its split 4 ways in my eyes... lets not forget if something happens and the word gets out that it wasn't a charter and money was exchanged for the day of fishing then its a charter and you need charter insurance...
 

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phillyfishing said:
well if its is 4 friends who are fishing.. and they all paid to get in equally and this is not a charter operation then its split 4 ways in my eyes... lets not forget if something happens and the word gets out that it wasn't a charter and money was exchanged for the day of fishing then its a charter and you need charter insurance...
If you blow a turbo on your friends boat when fishing the tournament, do you split that equally too?
 

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sportfishingusa said:
Well the 1099 would basically have to be filed by the boat owner and the taxes paid... i am not sure exactly how it would work out but best bet would def. be a accountant!
Being an accountant in my 9-5, you are correct, sort of!! A 1099 would be issued by the tournament to whoever was registered as the owner of the boat. This would go onto your yearly tax return as income, but you would also be able to offset that with any expenses you incurred as well.:D

If you are indeed going to do this(write off expenses).....GET RECEIPTS FOR EVERYTHING AND KEEP THEM!!
 

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DaisyMaySportfishing said:
Being an accountant in my 9-5, you are correct, sort of!! A 1099 would be issued by the tournament to whoever was registered as the owner of the boat. This would go onto your yearly tax return as income, but you would also be able to offset that with any expenses you incurred as well.:D
I think when the boat I fished on placed in the MA500, all the crew got 1099s.
 

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Capt. Chad B. said:
I think when the boat I fished on placed in the MA500, all the crew got 1099s.
This is definitely possible, if you tell the tournament how the winnings are going to be split amongst the crew.

Either way its income to "someone" and Uncle Sam has his hand out at the awards party!
 

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all the crew got 1099's each so the guy who ownes the boat doesn't get it unless he is a charter captain...

when fishing with friends it has always gotten split evenly.. when fishing with a captain it depends.. like last captain i fished with put 50% in for al calcuttas so he got half then the crew split the other half and then the crew split evenly all tournament winnings
 
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