Tax right off? | Bass Fishing | Texas Fishing Forum

You are not logged in. [Log In] Texas Fishing Forum » Forums » FRESHWATER FISHING » Bass Fishing » Tax right off?

Main Menu

Affiliates

Newest Members

Top Posters

facebook

Forum Stats

108261 Members
60 Forums
864210 Topics
12310517 Posts

Max Online: 36273 @ 01/23/13 02:34 PM

Topic Options

#11627032 - 05/25/16 09:49 PM Tax right off?
The Rodfather Extreme Angler Registered: 06/17/06 Posts: 1060 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?
Top

#11627045 - 05/25/16 09:58 PM Re: Tax right off? [Re: The Rodfather]
kellisag Extreme Angler Registered: 12/08/06 Posts: 1794 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.
Top

#11627048 - 05/25/16 09:59 PM Re: Tax right off? [Re: The Rodfather]
SteezMacQueen TFF Celebrity Registered: 11/02/14 Posts: 5682 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. _________________________ Eat. Sleep. Fish.
Top

#11627052 - 05/25/16 10:00 PM Re: Tax right off? [Re: The Rodfather]
RedShadWorm Outdoorsman Registered: 05/25/11 Posts: 183 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.
Top

#11627117 - 05/25/16 10:26 PM Re: Tax right off? [Re: The Rodfather]
The Rodfather Extreme Angler Registered: 06/17/06 Posts: 1060 Loc: Fredericksburg, TX	Got it, thanks for the info!
Top

Hop to: