Been awhile since my tax classes, but even hobbies can deduct expenses to the extent of income. Hobbies cannot have losses, true businesses can.
I would imagine if you sat down and figured things out, you could come up with enough legit expenses to offset your winnings. Especially if you competed all year.
I would imagine if you sat down and figured things out, you could come up with enough legit expenses to offset your winnings. Especially if you competed all year.
