Fishing NJ Home Page

I started to do fishing tournaments I was woundering if I can take my takle gas for pre fishing for tournys

If you make money from the tournament and pay taxes on that then expenses related to travel are deductible.

You cannot deduce more than you made.

1. Ryan M Says:
   April 27th, 2010 at 7:53 am

   Only if you plan on claiming the income as well.
   References :

2. Ria Says:
   April 27th, 2010 at 8:27 am

   If you make money from the tournament and pay taxes on that then expenses related to travel are deductible.

   You cannot deduce more than you made.
   References :

3. Mathew Says:
   April 27th, 2010 at 8:54 am

   Looks like you are fishing for ways to reduce your income tax liability. The IRS is not likely to bit on this one unless you have income related to the activity. In any case it is a reach.
   References :

4. betotron Says:
   April 27th, 2010 at 9:20 am

   yep
   References :

5. chatsplas Says:
   April 27th, 2010 at 10:04 am

   NOPE
   If there is some income from it, you could treat it as hobby business and offset income by expenses, but not take a loss
   References :
   tax pro

6. Bash Limpbutt's Oozing Cyst© Says:
   April 27th, 2010 at 10:35 am

   If you can convince the IRS that you devote a significant amount of time to tournaments AND derive a majority of your income from them then, yes, you can treat it as you would any business and deduct the reasonable and necessary business expenses related to the tournaments.

   If you are an occasional entrant and don’t derive significant income from them the IRS will treat it as a hobby. As a hobby you are limited to taking a miscellaneous itemized deduction for the expenses, limited to the amount of your winnings.
   References :