1. Attention: We have put together a thread with tips and a tutorial video to help with using the new software. Please take a moment to check out the thread here: Trapshooters.com Tutorial & Help Video.
    Dismiss Notice

F/S Rights to "Stock Fitting Secrets"

Discussion in 'Uncategorized Threads' started by buzzgun, Jan 29, 2006.

Thread Status:
Not open for further replies.
  1. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Did I hear you right - as publisher, you can deduct ALL YOUR SHOOTING EXPENSES as a business expenditure?

    Hmm...does this require any actual first-hand experience in stock-fitting?
     
  2. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Did I hear you right - as publisher, you can deduct ALL YOUR SHOOTING EXPENSES as a business expenditure?

    Hmm...does this require any actual first-hand experience in stock-fitting?
     
  3. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Wow...that sure sounds like a sweet deal to me.
     
  4. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Wow...that sure sounds like a sweet deal to me.
     
  5. smartass

    smartass TS Member

    Joined:
    Jan 15, 2006
    Messages:
    1,099
    F/S Rights to

    I would get a second opinion about what Rollin says from a tax professional. He seems to have forgotten that the IRS code requires business to show a profit in 3 out of every 5 years. Otherwise, they can and will declare your business a hobby and that will be the end of your losses.
     
  6. smartass

    smartass TS Member

    Joined:
    Jan 15, 2006
    Messages:
    1,099
    F/S Rights to

    I would get a second opinion about what Rollin says from a tax professional. He seems to have forgotten that the IRS code requires business to show a profit in 3 out of every 5 years. Otherwise, they can and will declare your business a hobby and that will be the end of your losses.
     
  7. plester73

    plester73 TS Member

    Joined:
    Jan 29, 1998
    Messages:
    15
    F/S Rights to

    Yep...imagine being able to claim that big $$$ Krieghoff, Kolar, MachOne, or Perazzi gun that you've always wanted on your taxes. I've talked to some folks who say it can be done. But, you've got to stop claiming after 3 years (I think) unless you can show a profit. The important point is that you are making an effort to turn a profit, which can be a pretty subjective thing if you get audited. You can find an article on this by the guy who wrote Trapshooting Secrets...as I recall, he recommends shooting at least 6 money events per year. Keep the recepits!

    Paul
     
  8. plester73

    plester73 TS Member

    Joined:
    Jan 29, 1998
    Messages:
    15
    F/S Rights to

    Yep...imagine being able to claim that big $$$ Krieghoff, Kolar, MachOne, or Perazzi gun that you've always wanted on your taxes. I've talked to some folks who say it can be done. But, you've got to stop claiming after 3 years (I think) unless you can show a profit. The important point is that you are making an effort to turn a profit, which can be a pretty subjective thing if you get audited. You can find an article on this by the guy who wrote Trapshooting Secrets...as I recall, he recommends shooting at least 6 money events per year. Keep the recepits!

    Paul
     
  9. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Um, plester...are you possibly suggesting...that the people who bought "Trapshooting Secrets" got fleeced by some know-nothing putz who just wanted a way to write off his shooting?

    Shocked and Puzzled,

    Buzz
     
  10. buzzgun

    buzzgun Member

    Joined:
    Jan 29, 1998
    Messages:
    577
    F/S Rights to

    Um, plester...are you possibly suggesting...that the people who bought "Trapshooting Secrets" got fleeced by some know-nothing putz who just wanted a way to write off his shooting?

    Shocked and Puzzled,

    Buzz
     
  11. plester73

    plester73 TS Member

    Joined:
    Jan 29, 1998
    Messages:
    15
    F/S Rights to

    Buzz...damn, good point about the fleecing! Notice I didn't recommend it, just said it could be done. Not sure if it is worth it because audits can get nasty. The IRS is not our friend!
     
  12. plester73

    plester73 TS Member

    Joined:
    Jan 29, 1998
    Messages:
    15
    F/S Rights to

    Buzz...damn, good point about the fleecing! Notice I didn't recommend it, just said it could be done. Not sure if it is worth it because audits can get nasty. The IRS is not our friend!
     
  13. bwvan

    bwvan TS Member

    Joined:
    Jan 29, 1998
    Messages:
    71
    F/S Rights to

    If you doubt that there are many shooters with shooting expenses that exceed 5,000 per year, then you must sit at home and never attend any shoots.
     
  14. bwvan

    bwvan TS Member

    Joined:
    Jan 29, 1998
    Messages:
    71
    F/S Rights to

    If you doubt that there are many shooters with shooting expenses that exceed 5,000 per year, then you must sit at home and never attend any shoots.
     
  15. claybrdr

    claybrdr Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    3,266
    F/S Rights to

    Yeah, I laughed at that. I'm sure I spent at least $15-20,000/year when I was shooting Sporting Clay tournaments several years ago. That is shells, entry fees, travel expenses and motels. Does not include guns...San Antonio for the Nationals, Orlando for Seminole Cup, Detroit for Motor City, various State and Zone shoots, US Open, etc, etc.
     
  16. claybrdr

    claybrdr Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    3,266
    F/S Rights to

    Yeah, I laughed at that. I'm sure I spent at least $15-20,000/year when I was shooting Sporting Clay tournaments several years ago. That is shells, entry fees, travel expenses and motels. Does not include guns...San Antonio for the Nationals, Orlando for Seminole Cup, Detroit for Motor City, various State and Zone shoots, US Open, etc, etc.
     
  17. KEYBEAR

    KEYBEAR Active Member

    Joined:
    Jan 29, 1998
    Messages:
    3,222
    F/S Rights to

    My wife thinks I made that much ??
     
  18. KEYBEAR

    KEYBEAR Active Member

    Joined:
    Jan 29, 1998
    Messages:
    3,222
    F/S Rights to

    My wife thinks I made that much ??
     
  19. phirel

    phirel TS Member

    Joined:
    Jan 29, 1998
    Messages:
    9,556
    F/S Rights to

    I would check closely about the profit every 3 years. I am aware of businesses that have not made a profit for many years. Also, how can a major airline be declared a hobby?

    On this specific question, the expenses directly related to selling the book would be deductible. That would not include shells, entry fees and options. If you spend 1/2 your time at a shoot selling a book, one half of your travel and room would be deductible.

    Pat Ireland
     
  20. phirel

    phirel TS Member

    Joined:
    Jan 29, 1998
    Messages:
    9,556
    F/S Rights to

    I would check closely about the profit every 3 years. I am aware of businesses that have not made a profit for many years. Also, how can a major airline be declared a hobby?

    On this specific question, the expenses directly related to selling the book would be deductible. That would not include shells, entry fees and options. If you spend 1/2 your time at a shoot selling a book, one half of your travel and room would be deductible.

    Pat Ireland
     
Thread Status:
Not open for further replies.