CLP
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- Sep 21, 2010
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I've been perusing the IRS site for acceptable deductions and ran across this:
"Hobby Expenses
You can generally deduct hobby expenses, but only up to the amount of hobby income. A hobby is not a business because it is not carried on to make a profit. See Not-for-Profit Activities in chapter 1 of Publication 535."
So let's say I sold a Garand for $1000. It's not income since it's part of my gun collecting/shooting hobby and doesn't significantly augment my overall income. Does that mean I can deduct a grand's worth of reloading supplies, other guns, etc?
I know, I know, I know...contact my accountant. Just curious if anyone else is aware of this deduction- or has actually used it. I'm trying to figure out how I can spin some potential purchases to my wife.
"Hobby Expenses
You can generally deduct hobby expenses, but only up to the amount of hobby income. A hobby is not a business because it is not carried on to make a profit. See Not-for-Profit Activities in chapter 1 of Publication 535."
So let's say I sold a Garand for $1000. It's not income since it's part of my gun collecting/shooting hobby and doesn't significantly augment my overall income. Does that mean I can deduct a grand's worth of reloading supplies, other guns, etc?
I know, I know, I know...contact my accountant. Just curious if anyone else is aware of this deduction- or has actually used it. I'm trying to figure out how I can spin some potential purchases to my wife.