Bike Stuff Tax Deductable



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Raymo853

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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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Grenouil

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"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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