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Little-TON - Colorado

Hey some food for thought here....With the clubs selling seeds in auctions, I was wondering what the tax liabilities might be for those clubs? Is this a "profit" that would need to be reported as Income for whoevers SSN is attached to the club? Interesting question I think. SInce most clubs are not NON PROFIT designated, how do the clubs take care of the "taxable income"?? Also if you sell club stuff how do you get away from charging taxes and reporting that also as income and taxes??. Just normal wizard questions not meant for the average water boy.....lol
Merry Christmas

Yo
TheWiZ

12/24/2008 3:42:11 PM

Frankfort Ohio

As long as you use all the money for Exspenses and payouts
you will be fine the burden goes on the winners on taxes with anything over $500 bucks just make sure you keep records on who wins what .

12/24/2008 4:08:20 PM

Boulder County Colorado USA planet Earth

so maybe first place should be 499 hmmmmmmmmm

12/24/2008 7:21:33 PM

Long Island,New York

Probably not something you want to post about.

12/24/2008 9:03:58 PM

[email protected]

The CT GS&PGA is valid educational Not-for-Profit so we don't pay taxes. Clubs that have never filed should make sure they spend every dime. Keep records too.

12/25/2008 1:42:50 AM

[email protected]

The GPC is a valid NFP too.

12/25/2008 1:43:37 AM

Owensboro, Ky.

I asked about this same thing,last year, and everyone said, sHHHH? don't say it out loud!!! LOL Peace, Wayne

12/26/2008 5:20:23 PM