Did you buy a new bike in 2009?

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wasilvers

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For those of you who don't know - if you bought a 2-3 wheeled elec vehicle, you get a 10% credit against your taxes - form 8834. A client got his new bike last year - today I did his taxes getting him another $1300 credit toward his taxes - and he had no idea about it - it pays to see the pros.

Will
 
Hey I got a question for you.......If you itemize, you know where you can claim gamblin' losses above gamblin' winnings......can I claim my losses from fishing tourneys over and above winnings? Kinda like if i was doing the Texas holdem' tourneys.....entry fees for tourneys are like the buy ins for the poker tournament......can I deduct my losses from this recreational gamblin' fishing?
 
Two clarifications, gambling losses can only be deducted to the extent of winnings, win $100, and you can claim up to $100 in losses on Schedule A - even if you spent $1000 to win the $100.

As to tournament fishing, if you wanted to push the limits, claim it on Schedule C as a side business. Be careful of hobby loss rules, so you'll have to claim income some years, but you possible could claim the entry fees, travel expenses, tackle, rods, etc... Don't put your boat on depreciation till you turn 100% pro. The IRS requires you to report all your income, but deductions are ALLOWED. They don't actually require you to report them :D

If I turned pro (yeah right) I'd use a single member llc and run everything through there. Limit my liability, and make it more legit rather than on my personal tax return.

If you get audited, you don't know me.
:LOL2:
 

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