Tax/deductable question

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3 replies [Last post]
Anonymous's picture

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?

Anonymous's picture
Hy S. Terrier (not verified)
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!

Anonymous's picture
Peter (not verified)

If you win money and are reqiured to pay taxes on it then you can deduct directly related expenses.

Anonymous's picture
don montalvo (not verified)
pro pool players do the same thing...keep your receipts. ;)


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