Let's say I win a race and bring home $250. Does that technically make me a professional cyclist? And if so, can I deduct certain things like race fees, tires, tubes, coaching, power bars, custom TI frames, Italian training camps, etc.?
You know damn well the IRS is going to tax my $250 winnings to the max (this amount would put me into that highest 1% bracket), so, um, what could I get away with?
Tax/deductable question
Wed, 09/08/2004 - 8:31pm
Thu, 09/09/2004 - 12:20pm
#1
What can I deduct?
In this bracket you should have a competent tax attorney who should be able to advise you. Free legal advice is worth what you pay for it - nothing!
Thu, 09/09/2004 - 5:34am
#2
taxes
If you win money and are reqiured to pay taxes on it then you can deduct directly related expenses.
Thu, 09/09/2004 - 6:37am
#3
pro pool players do the same thing...keep your receipts. ;)
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