Taxing Minnesota Fish

[BobKamman]

I am concerned about those ice fishers who were stranded on an ice floe in Minnesota. “More than 100 people stranded while fishing on an ice chunk that broke free on a Minnesota lake were rescued on Friday, authorities said. The anglers were on an ice floe in the southeastern area of Upper Red Lake in Beltrami county – about 200 miles north-west of Minneapolis – when it broke loose from the shoreline. An emergency call shortly before 5pm said the people were stranded with more than 30ft of open water separating them from shore,”

I’m not concerned about their rescue. Taxpayers took care of that. I worry about their tax returns. How do Minnesota preparers figure the value of the fish these people take home?

We all know that “treasure trove” is taxable. Walk down the street, find a $100 bill, report it to IRS. Find enough of them, report it to FinCen also. But it goes beyond finding cash (like the taxpayers who found $4,400 in a used piano they bought at auction for $15). The Treasury Regulations make clear, “Gross income means all income from whatever source derived, unless excluded by law. Gross income includes income realized in any form, whether in money, property, or services.” Have you checked the price of fresh fish these days? It doesn’t come cheap.

In the good old days, the expenses of a hobby could be itemized to the extent of income from the hobby. But as we know, the 2017 Tax Relief For Rich People Act repealed that, at least for a while.
It’s only fair that the people who cost the state money for their rescue, contribute to the cost of government. But how much income are they reporting?

[IRonMaN]

The easy way to figure the value is how much it costs to catch a Minnesota crappie or walleye.  First, you have to start with the cost of a fishing license.  Add in the cost of bait, tackle, rods and reels and gas to get you to the lake.  I almost forgot to factor in the $70,000 dollar truck to pull your $60,000 boat in the summer and $40,000 for your ice fishing house in the winter.  For a good fisherman that would put the value of a fish at about $200 per pound and a non-skilled fisherman at about $2500 per pound.