Bike Stuff Tax Deductable

Discussion in 'Road Cycling' started by Raymo853, Apr 1, 2003.

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  1. Raymo853

    Raymo853 Guest

    So I was just listening to NPR interviewing a tax expert. She claimed that hobbies that MAY make
    money are tax deductable. For me this includes bike riding and racing. Someday I might not fall off
    the pelton or of my local cat4/5 races and may finish pretty high up in my expert MTB races thereby
    making either money or getting some sort of prizes.
     
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  2. Grenouil

    Grenouil Guest

    "Raymo853" <[email protected]> wrote in message news:[email protected]...
    > So I was just listening to NPR interviewing a tax expert.
    She claimed that
    > hobbies that MAY make money are tax deductable. For me
    this includes bike
    > riding and racing. Someday I might not fall off the
    pelton or of my local
    > cat4/5 races and may finish pretty high up in my expert
    MTB races thereby
    > making either money or getting some sort of prizes.
    >
    >

    Yeah.......................

    Just checked my tax reference -

    "If your endeavor shows a profit in at least three years out of every five, the law assumes you're
    trying to make money. Fail the three-of-five-year test, however, and it is assumed the activity is a
    hobby. Unless you can prove otherwise, your deductions are limited to the amount of income you
    report. You can't claim a loss. "
     
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