Main Menu
Advertisement
Affiliates
Advertisement
Newest Members
Wilso, FFJMO23, MT-Gig'em, nash81, Tough bite
105423 Registered Users
Top Posters
TexDawg 85606
hopalong 78097
Pilothawk 74931
JDavis7873® 67382
John175 ® 64295
FattyMcButterpants 60667
Derek 🐝 58029
Tritonman 57516
LoneStarSon® 53046
SkeeterRonnie 52940
facebook
Forum Stats
105423 Members
60 Forums
848115 Topics
12088427 Posts

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

Registered: 06/17/06
Posts: 1054
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 Offline
Extreme Angler

Registered: 12/08/06
Posts: 1602
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 Offline
TFF Team Angler

Registered: 11/02/14
Posts: 4055
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



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

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

Registered: 06/17/06
Posts: 1054
Loc: Fredericksburg, TX
Got it, thanks for the info!

Top



© 1998-2017 OUTDOOR SITES NETWORK all rights reserved USA and Worldwide