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Author Topic: Deducting "Hobby" expenses from your Taxes  (Read 767 times)
Seangie
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« on: April 04, 2013, 02:18:21 PM »

Anyone out there deduct their costs for repairing the bus from their taxes as a "hobby" expense?  If I could show intent on fixing this bus up to sell for a profit...hmm...those would be some nice deductions Smiley

-Sean

www.herdofturtles.org
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we live in a van (Eagle 10 Suburban)
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belfert
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« Reply #1 on: April 04, 2013, 04:33:25 PM »

Hobby expenses can only deducted up to the amount of any hobby income.  Presumably your bus makes you no income.
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Brian Elfert - 1995 Dina Viaggio 1000 Series 60/B500 - 75% done but usable - Minneapolis, MN
Seangie
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« Reply #2 on: April 04, 2013, 08:57:10 PM »

Brian - just read up on that and saw you couldn't take hobby deductions for a loss.  Too bad cause this would be the perfect hobby for that Wink

-Sean

www.herdofturtles.org
1984 Eagle Model 10S
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« Reply #3 on: April 04, 2013, 10:52:26 PM »

Everyone has a different game plan, for my setup, the Coach is used mostly for business trips.  So most things are written off, one snare in the game, you need a business where the amount your writing off is a very minor expense. We are fine per our tax pros.
Dave M
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MCI7 20+ Yrs
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Jim in NC
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« Reply #4 on: April 05, 2013, 04:08:36 AM »

Our bus is our primary residence. That makes a difference with the tax man.
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Scott Bennett
Scott & Heather MCI-9
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« Reply #5 on: April 05, 2013, 09:17:25 AM »

Our bus is our primary residence. That makes a difference with the tax man.

DITTO
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Scott & Heather
1984 MCI9 6V92-turbo with 9 inch roof raise & conversion in progress.
http://www.scottmichaelbennett.com/p/our-bus.html
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