taxes 2

For the tourney fishermen. If you earned money what things, if any, can you deduct? Gas, motels, entry fees?

You can deduct everything that you spent to make the money. Just make sure you have receipts. If your going as far as deducting the cost of your equipment, just remember they become a capital asset and you need to declare the sale of them if/when you replace them.

You can only claim a loss for two years. On the third year it is considered a hobby if you aren’t making money on it, and you can’t deduct any expenses.

No loss for us too bad I think we could dig up a few bait and fuel receipts. Truck has them everywhere.

Don’t forget milage and so on for any pre fishing trips directly related to the tournaments

Ya mike. We need to sit down and figure out some numbers and get that stuff wrapped up