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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?
 

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Discussion Starter #2
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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?
 

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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.
 

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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.
 

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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
 

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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
 

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Discussion Starter #9
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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
 

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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
 

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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!
 

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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!
 

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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.
 

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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.
 

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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.
 

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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.
 

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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
 

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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
 
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