Tax-Deductable Race Fees??

Forum guidelines BT super discount
General Discussion Triathlon Talk » Tax-Deductable Race Fees?? Rss Feed  
Moderators: k9car363, alicefoeller Reply
2004-11-11 9:42 AM

User image

Extreme Veteran
439
10010010010025
Germantown, MD
Subject: Tax-Deductable Race Fees??
Has anyone tried to deduct some (or all?) of a fee for a race that benefited some particular charity (cancer, environment, etc...)? The reason I ask is I saw on one race site they listed the "value" of the race entry, which happened to be $30 less than the race fee. I presume you could deduct that $30?

2004-11-11 10:00 AM
in reply to: #81728

User image

Expert
1152
10001002525
wrightsville beach, North Carolina
Subject: RE: Tax-Deductable Race Fees??
Never  tried it, but if you get any info, please post it, cause I spent lots o' bucks on events!
2004-11-11 10:10 AM
in reply to: #81739

User image

Elite
3235
2000100010010025
San Diego
Subject: RE: Tax-Deductable Race Fees??
I'm not a tax person so I don't know how valid this info was. I was listening to someone talk about his racing season. He said he has himself as a corporation, or something like that. So Joe Blow Inc., then somehow he lists triathlons as an additional career. He said all you have to do is get paid for racing, whether that is from a raffle, prize money or whatever. Then you can write off your race fees and travel. He said you don't have to make money the first year and you can write off your bike and other things that you purchased in your first year. Again, I was listening to this conversation and wasn't directly involved so some or all the facts could be wrong. I did call H&R Block about this and they hadn't heard of it. So I didn't persue it. If anybody has any info I would be grateful
Thanks
Tom
2004-11-11 10:43 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

Jesus, what happened here?



Edited by the bear 2004-11-11 10:46 AM
2004-11-11 10:43 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

2



Edited by the bear 2004-11-11 10:47 AM
2004-11-11 10:43 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

3



Edited by the bear 2004-11-11 10:47 AM

2004-11-11 10:43 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

4



Edited by the bear 2004-11-11 10:48 AM
2004-11-11 10:43 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

5



Edited by the bear 2004-11-11 10:48 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

6



Edited by the bear 2004-11-11 10:49 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

7



Edited by the bear 2004-11-11 10:49 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

9



Edited by the bear 2004-11-11 10:50 AM

2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

8



Edited by the bear 2004-11-11 10:49 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

10



Edited by the bear 2004-11-11 10:50 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

11



Edited by the bear 2004-11-11 10:51 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

13



Edited by the bear 2004-11-11 10:51 AM
2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

 14! That'll get the ol' post count up.

Sorry about the multiple posts! the computer went kinda haywire there!



Edited by the bear 2004-11-11 10:52 AM

2004-11-11 10:44 AM
in reply to: #81740

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??

Not a tax person either, but I do know about something called "hobby-loss rules," which (I believe) say that you have to make a profit in an endeavor three out of five years for it to be considered a business (deductiible) vs a hobby (not).

If your overheard advice was valid, i think we would see a lot more triathlete corporations.

To answer the original question, I itemize and list donations that I have made as entry fees as itemized deductions. I'm sure the IRS would split hairs as to what is deductible and what isn't, certainly if your event splits it up as to "services received" vs "donations" you would be wise to only deduct the donation.



Edited by the bear 2004-11-11 10:44 AM
2004-11-11 10:47 AM
in reply to: #81728

User image

Expert
636
50010025
Torrington,CT
Subject: RE: Tax-Deductable Race Fees??

Bear,

Did you finger get stuck on the submit key?

Evelyn

2004-11-11 10:53 AM
in reply to: #81765

User image

Resident Curmudgeon
25290
50005000500050005000100100252525
The Road Back
Gold member
Subject: RE: Tax-Deductable Race Fees??
Looks like more than a finger was stuck!
2004-11-11 12:08 PM
in reply to: #81773

User image

Elite
3235
2000100010010025
San Diego
Subject: RE: Tax-Deductable Race Fees??
Wow,
I go to breakfast and I thought this subject was one hot topic, but I guess Bear has a stuttering problem
2004-11-11 10:32 PM
in reply to: #81728

User image

Member
81
252525
taswegia
Subject: RE: Tax-Deductable Race Fees??
I'm not sure how it would work for you guys,
But my work has sporting teams (rugby,Aussie rules, Cycling, Tri, and many others)
I know here, that if I am in a work team I can claim on all its related costs.
Which is good as I just droppped 4 Gs on a new treadlie.


2004-11-12 4:38 AM
in reply to: #81728

Member
49
25
Chesapeake, VA
Subject: RE: Tax-Deductable Race Fees??
Bear,

I don't think the original poster was talking about a business loss deduction, but rather a charitible contribution deduction. I think the amount that benifits the charity would be deductable, but I would make sure I had a written statement from the charity.
2004-11-12 6:19 AM
in reply to: #82043

User image

Master
2233
200010010025
Mechanicsburg, PA
Subject: RE: Tax-Deductable Race Fees??
Skull - 2004-11-11 10:32 PM
Which is good as I just droppped 4 Gs on a new treadlie.


So, what kind of wheels did you get for $3000 USD? (sorry, I had to translate the fundage amount too)

-Frank
New Thread
General Discussion Triathlon Talk » Tax-Deductable Race Fees?? Rss Feed