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fishing tournies and taxes
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<blockquote data-quote="AaronJ" data-source="post: 153413" data-attributes="member: 1109"><p>Keep all receipts related to tourneys (ie: tackle withing a couple weeks of tourney, gas, lodging, etc). Keep track of all miles related to tourneys (even prefishing days withing about 10 days of tourney). Keep track of total fishing days through the season and separate them out into fun vs tourney related days and depreciate your boat on the % tourney days related to total days. Insurance on vehicle and boat can also be deducted in the same manner. Taking a loss isnt going to kill you, it is just recommended to show a profit 1 of 3 or 4 years. </p><p></p><p>This is what I have done the last number of years per the recommendation of a family mamber that does my taxes and also is an IRS agent. I have yet to be audited. </p><p></p><p>Keep great records. I print a calendar with 1 month/ 8x10 sheet of paper. Days on the water are clearly identified as tourney vs non. Every receipt is kept and marked to each tourney. Just be meticulous with data collection and proof of expendatures and let your tax accountant do their job.</p></blockquote><p></p>
[QUOTE="AaronJ, post: 153413, member: 1109"] Keep all receipts related to tourneys (ie: tackle withing a couple weeks of tourney, gas, lodging, etc). Keep track of all miles related to tourneys (even prefishing days withing about 10 days of tourney). Keep track of total fishing days through the season and separate them out into fun vs tourney related days and depreciate your boat on the % tourney days related to total days. Insurance on vehicle and boat can also be deducted in the same manner. Taking a loss isnt going to kill you, it is just recommended to show a profit 1 of 3 or 4 years. This is what I have done the last number of years per the recommendation of a family mamber that does my taxes and also is an IRS agent. I have yet to be audited. Keep great records. I print a calendar with 1 month/ 8x10 sheet of paper. Days on the water are clearly identified as tourney vs non. Every receipt is kept and marked to each tourney. Just be meticulous with data collection and proof of expendatures and let your tax accountant do their job. [/QUOTE]
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