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Taxes

Discussion in 'Off Topic Threads' started by Rick in Ohio, Mar 12, 2012.

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  1. Rick in Ohio

    Rick in Ohio Member

    Joined:
    Apr 27, 2009
    Messages:
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    Location:
    Columbus, OH
    Well guys I set down with the wife tonight to get stuff ready to have are taxes done and the wife ask me for all my bills for my reloading supplies entry fee's to shoot and my fuel bills to get myself to the shoots........ and all I can say it Wow! Trap shooting and my long range rifle shooting cost a lot to do. I could pay are new condo off in 3 years if I stop shooting. The good news is my wife told me to keep on shooting if I am having fun.
     
  2. hmb

    hmb Well-Known Member

    Joined:
    Jan 29, 1998
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    Are those expenses tax deductable? HMB
     
  3. bigdogtx

    bigdogtx Well-Known Member

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    Aug 5, 2006
    Messages:
    10,650
    Only to offset the earnings that you make from shooting. Can't deduct for hobbies.
     
  4. Rick in Ohio

    Rick in Ohio Member

    Joined:
    Apr 27, 2009
    Messages:
    839
    Location:
    Columbus, OH
    As far as I know yes you can.
    Are Tax man told us I could use my shooting on are taxes if I won some shoots.

    Well I won a good number of big trap and rifles shoots last year where I had to fill out paper work before I could pickup my winnings that I have to count for on my Taxes. ........ so we will see this year how it help's.
     
  5. Dickgshot

    Dickgshot Well-Known Member

    Joined:
    Jan 29, 1998
    Messages:
    3,675
    This same nonsense goes on every tax season. Use the SEARCH feature and you
    will find all the posts from 2011, 2010, 2009 etc.

    To sum it up, If you itemize your deductions on Schedule A (as opposed to taking the standard deduction) you can deduct your trapshooting expense up to the amount of trapshooting income you reported.

    Those expenses are taken as a "miscellaneous itemized deduction", which together with any other "miscellaneous itemized deductions" must be further reduced by 2% of your "adjusted gross income" -the figure at the bottom of page one of your tax return.

    If you're Leo Harrison III disregard the above.
     
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