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Max Online: 36273 @ 01/23/13 02:34 PM
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#11627032 - 05/25/16 09:49 PM Tax right off?
The Rodfather Online   content
Extreme Angler

Registered: 06/17/06
Posts: 1009
Loc: Fredericksburg, TX
Question,
If I win money in a tournament that requires me to pay taxes on my winnings, can all my fishing related purchases then be considered right offs?

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#11627045 - 05/25/16 09:58 PM Re: Tax right off? [Re: The Rodfather]
kellisag Online   content
Extreme Angler

Registered: 12/08/06
Posts: 1424
Loc: SETX
Originally Posted By: The Rodfather
Question,
If I win money in a tournament that requires me to pay taxes on my winnings, can all my fishing related purchases then be considered right offs?


Yes...only to equal the amount of your winnings unless fishing is more than a hobby for you.

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#11627048 - 05/25/16 09:59 PM Re: Tax right off? [Re: The Rodfather]
SteezMacQueen Online   happy
TFF Team Angler

Registered: 11/02/14
Posts: 3258
Loc: Red Oak, Galveston, and Pagosa...
Yes. I had to do it a few months ago. Boat, equipment, entries, expenses. All of it. Keep records, you will need some proof for some of the stuff.
_________________________
Daiwa
Megabass
Lews



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#11627052 - 05/25/16 10:00 PM Re: Tax right off? [Re: The Rodfather]
RedShadWorm Offline
Outdoorsman

Registered: 05/25/11
Posts: 179
Loc: Dallas
You'll need receipts / records, etc but you should be able to offset the income from the tournament winnings.

But not more.

Speak to a tax preparer.

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#11627117 - 05/25/16 10:26 PM Re: Tax right off? [Re: The Rodfather]
The Rodfather Online   content
Extreme Angler

Registered: 06/17/06
Posts: 1009
Loc: Fredericksburg, TX
Got it, thanks for the info!

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