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Math on SRS winnings

4157 Views 26 Replies 14 Participants Last post by  DL
I was just checking in to the SRS site and was wondering that if you won $30K cash and $25K value in trailer, wouldn't the taxes on that basically wipe out the cash? Don't get me wrong, I'd love to win it. I just thought the tax bracket on winnings is around 50%....

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Shayne Mehringer said:
Rodeo riders winnings are considered income, taxable less the expenses of being a rodeo rider.

I would imagine the same would apply here, unless the winner was an AMATEUR or if the owner of the dog requires that any winnings go to him/her and not the pro.

Shayne you bring up another do the pro's handle the money in this game??? they split with the owner...take it all...owner gets it all??? I suppose it differs from pro to pro.....but an interesting question though...

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