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.
Road Cycling · Public discussion
Bike Stuff Tax Deductable
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- Road Cycling
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- 1 April 2003
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- 1 April 2003
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- Raymo853
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"Raymo853" <[email hidden]> wrote in message "]news:[email hidden]...
Quoted message said:
So I was just listening to NPR interviewing a tax expert.
She claimed thatQuoted message said:
hobbies that MAY make money are tax deductable. For me
this includes bikeQuoted message said:
riding and racing. Someday I might not fall off the
pelton or of my localQuoted message said:
cat4/5 races and may finish pretty high up in my expert
MTB races therebyQuoted message said:
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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