Tax deductions for travel/equipment?

[_fence(1)]

Has anyone figured out how to deduct travel expenses (going to tournaments) or gear purchases from your taxes? Thnx!

[Mr Epee]

This is a question for your CPA - not F.net.

Even advice given with the best of intentions can cause unforeseen difficulties.

[Ramrod]

Check with your CPA to be sure but I beleive that as a general rule:

You should be able to deduct any equipment/travel costs against all income earned from fencing.

If you figure out how to earn any income from fencing, please be sure to let us know.

[Craig]

Has anyone figured out how to deduct travel expenses (going to tournaments) or gear purchases from your taxes? Thnx!

I've done it before. Look up rules on "hobbies" or let turbotax do it.

Here's an article for reference:

http://www.nolo.com/article.cfm/obje...1/159/116/ART/

[wbowman]

I knew a guy once who was an Army officer, and deducted all his fencing expenses on the premise that the Army required him to stay in shape. Don't know if he got away with it, though. It sounds like something that could get real expensive in a hurry if you slid by for a few years and then someone questioned it.

[fencerbill]

I've done it before. Look up rules on "hobbies" or let turbotax do it.

Here's an article for reference:

http://www.nolo.com/article.cfm/obje...1/159/116/ART/

When you get into refereeing or equipment repair as I do, then you can start to get 1099's. So you really have to file.

My advice is to not get greedy. Offset your income down to a net profit of a couple of dollars and they probably won't hassle you.

[edew]

As a person who is now full-time involved in fencing, I do get to deduct my travel and equipment and competition (considered as marketing, as my results do help me look favorably in the eyes of prospective customers). And I do make net money and pay Uncasam.

[Inquartata]

When has the IRS scheduled your next audit?

[edew]

I was audited last year and passed with flying colors. Showed all my receipts and showed all my incomes and such. Everything was properly accounted for (although some of them will now be categorized in a different item number).

[_fence(1)]

I remember reading about Hollywood stars deducting the cost of private jets, masseuses and personal trainers...

[Inquartata]

You can deduct all sorts of unusual things, if you can demonstrate that they are really related to a business. But it tends to make the IRS watch you closely. Anything that's not widely practiced attracts their attention. And suspicion. But as long as you've got the documentation and can put up with the annoyance of being audited periodically hang their suspicions.

If they really want to mess with you they put you through a TCMP audit ( a sort of super-audit, where you have to prove EVERYTHING on your returns, including name, address, SSN, that you work where you work---everything. Major pain in the tuchus.