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 Tax right off?
#11627032
05/26/16 02:49 AM
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Joined: Jun 2006
Posts: 1,060
The Rodfather
OP
Extreme Angler
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OP
Extreme Angler
Joined: Jun 2006
Posts: 1,060 |
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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Re: Tax right off?
[Re: The Rodfather]
#11627045
05/26/16 02:58 AM
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Joined: Dec 2006
Posts: 2,070
kellisag
Extreme Angler
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Extreme Angler
Joined: Dec 2006
Posts: 2,070 |
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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Re: Tax right off?
[Re: The Rodfather]
#11627048
05/26/16 02:59 AM
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Joined: Nov 2014
Posts: 23,422
SteezMacQueen
TFF Guru
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TFF Guru
Joined: Nov 2014
Posts: 23,422 |
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.
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Re: Tax right off?
[Re: The Rodfather]
#11627052
05/26/16 03:00 AM
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Joined: May 2011
Posts: 185
RedShadWorm
Outdoorsman
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Outdoorsman
Joined: May 2011
Posts: 185 |
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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Re: Tax right off?
[Re: The Rodfather]
#11627117
05/26/16 03:26 AM
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Joined: Jun 2006
Posts: 1,060
The Rodfather
OP
Extreme Angler
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OP
Extreme Angler
Joined: Jun 2006
Posts: 1,060 |
Got it, thanks for the info!
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