Tax Time

[Lefty]

I started metal detecting last year and have had a lot of expenses buying equipment and mileage, picking up trash for the city, etc. What line on the tax form do I take my deduction?
Happy Hunting

 

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[christo000]

I started metal detecting last year and have had a lot of expenses buying equipment and mileage, picking up trash for the city, etc. What line on the tax form do I take my deduction?
Happy Hunting

What, ya i dont think you can claim ur hobby of detecting on ur taxes buddy pickin up the trash Is part of the hobby. If that was the case everyone would have brand new machines & equipment

 

[cudamark]

Actually, I think you can. I believe you need to show a profit X years out of Y. You'll have to declare your profits too, you know, so count up all those nickels, dime, and zinc cents!

 

[christo000]

Huh ok then, definetly news to me i thought like other things its a hobby no ones making anyone buy equipment or Drive anywhere or pick anything up

 

[Lefty]

I found my first syringe the other day, now that's hazard pay! Christo000, It's a J/K post. Although, I might want to hold out and see what Tom says.

 

[christo000]

I found my first syringe the other day, now that's hazard pay! Christo000, It's a J/K post. Although, I might want to hold out and see what Tom says.

Oh no ur right thats hazzard ur puttin ur health at risk, but also you are right there Seems to be certain ways you can claim what ur doin, I honestly never heard it but, hey learn somethin each day right

 

[Msbeepbeep]

Cudamark has it right, you have to show profit 3 years I believe it is, then you can write off the equipment! Section 179 deductions are great though! bigger write off in the first year acquired!
Also I believe that makes you self employed, and responsible to pay all your own taxes, and not to mention the extra schedules and forms you get to fill out, Fun stuff! Might get to deduct the vehicle too if it's used 50% or more of the time in your business!

 

[pkb]

If your self employed I believe you have to file quarterly. Or pay fines.

 

[Jason in Enid]

If you try to file hobby expenses, you better go buy a gallon a vasoline because you're gonna need it during the audit after you throw that giant red-flag out there.

I'm not saying it can't be done (because I am doing it) but you better know EXACTLY what is allowed and isn't, and you should probably have a professional tax preparer doing it.