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Prize Money When Leasing?

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  • Prize Money When Leasing?

    I know that when you show at an A or AA show and recieve prize money, it is taken off your bill and you never see it, unless of course it is a rather large amount. When a horse is leased is the money still taken off of the bill or is it sent to the owner? I would assume the former, but realized I really wasn't sure due to never having leased a horse out or having a horse leased to me...

  • #2
    When I leased my mare I won a $500 M&S Sterling classic. Money was taken off of my entry fees.

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    • #3
      Depends

      We leased a horse this past summer. At some shows it was taken off the bill. At one show she wom more than it cost for her to show, so I apid no show fees, but the remainder was sent to the owner of record, not me....

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      • #4
        I would think it would depend on the type of lease you have negotiated w/ the owner. If I leased my horse out or even if I let someone borrow him to show - if they pay the show expenses then they get to keep any monies, prizes won. Also many shows require a SSN, so prize money exceeding $600 is going to go to whoever they send the 1099 to.

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        • #5
          Some entry forms ask who gets the prize money.

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          • #6
            Originally posted by Kestrel View Post
            Some entry forms ask who gets the prize money.
            This. I would expect that if I leased a horse or had a horse leased to me, the prize money would go to the rider (aka the person who paid to show in the first place!!)

            There are other "special" situations where I could see the prize money going to the owner though. And catch riding prize money always goes to the owner.. I have had prize money gifted to me as "thanks" on a few occasions but that's usually if the prize is some sort of gift certificate, merchandise, etc.

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            • #7
              It was my understanding that all winnings go to the owner unless otherwise specified in the leasing contract.

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              • #8
                When my horse was leased out in the past, the person leasing kept the money won. She paid for the show, I wouldn't have expected to get money from her efforts and investment in that case.

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                • #9
                  If a lease is filed with USEF the person leasing is considered the Owner of the horse and is listed that way on the entry blanks.

                  In the unlikely event that the horse won more than the entry fees stall fees etc and had a credit balance the check would go to the owner on the entry blank unless other arrangements have been made in advance.

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                  • #10
                    If you win over a certain amount, whether it's applied to show fees or not, whoever's SSN is on the form will also get a 1099 as it will be reported to IRS as income.

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                    • #11
                      Most shows here ask where the prize money is to go (owner or rider)! Why should the owner of your lease horse get the prize money if you've paid ALL the entries?
                      Go Ahead: This is a dare, not permission. Don't Do It!

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                      • #12
                        Originally posted by gottagrey View Post
                        If you win over a certain amount, whether it's applied to show fees or not, whoever's SSN is on the form will also get a 1099 as it will be reported to IRS as income.
                        I never give a show my SSN. Invent one, they won't care.
                        Think about it. They lose entry blanks and results on a regular basis. Would you trust them with your SSN ?
                        Identity theft isn't funny and shows do not secure your data.
                        For horse shows the personal data will include name, address SSN and sometimes telephone number and email address. How easy do you want to make it for the crooks?

                        I've never received a 1099 from a show for prize money won. It's been applied to the entry fees and that's been the end of it. Fake SSN or not.

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