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#11627032 - 05/25/16 09:49 PM Tax right off?
The Rodfather Extreme Angler Registered: 06/17/06 Posts: 1050 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 Extreme Angler Registered: 12/08/06 Posts: 1584 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 TFF Team Angler Registered: 11/02/14 Posts: 3969 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 Outdoorsman Registered: 05/25/11 Posts: 182 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 Extreme Angler Registered: 06/17/06 Posts: 1050 Loc: Fredericksburg, TX	Got it, thanks for the info!
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