02-18-07, 11:18 AM
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#1 |
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BassFishin.Com Active Member
Join Date: Nov 2006
Posts: 420
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Taxes and Fishing
Do any of you guys keep your reciepts and write off your fishing expenses if you fish tournaments on your taxes....I've heard you can do this.....anyone?
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02-18-07, 02:08 PM
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#2 |
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BassFishin.Com Premier Elite
Join Date: Jan 2004
Location: denton nc
Posts: 13,441
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yes in nc state we have to pay taxes on all lisenced vehicles -boat trailers- this is tax deductable. it is a blue book percentage of your boat/trailer/moter combo..
as for tackle i keep the receipt for insurance pruposes only.. my boat is not on the nada book nor the rexall logs. i actually pay more taxes than i should but it keeps them happy. "rexall logs" is the boat dealers resale value book -it actually is what is responsable for your trade in value.. as for tourny's you need to win more than $2500 per year to claim them on your taxes zooker
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the godfather.. aml in remission since 7-20-09 |
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02-18-07, 08:51 PM
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#3 |
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BassFishin.Com Active Member
Join Date: Aug 2006
Location: Liberty, IN
Posts: 135
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We did this with racing quite often. Costs of gas to get to the track, food, fuel for the racecar, all expenses that we could write off. Now if you register it as a "business", then you can use that for tax writeoffs, but honestly, it really doesn't make that much of a difference.
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Billy Rowlee #71h |
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