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| This is a question I always meant to ask. Do you Pro's report your tournament fees, travel cost, motel bills, boat motor and vehicle depreciation, and equipment cost as business expenses on your income tax returns?
I snowmobile raced for years on the Pro level and used these cost for that reason.
Landy Roepke | |
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| I used to when I was guiding. My accountant would take care of all that for me.
Its nice to get some money back.[:)] | |
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| Without a doubt you should report those expenses. The only thing to keep in mind is that if you don't make a taxable profit occasionally (I think it is once out of three years) that the IRS will classify fishing as a hobby and not a business and you will get no deductions. | |
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Tournament Fishing Tax Tips