Join Date: Jan 2003
Location: North Texas, USA
Bikes: Trek 7300
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Originally posted by Hawkphoto
Well, if you think you've got a case... WRITE IT OFF!
I'm a photographer, I write off everything. "Do you try to make a living off of your bicycle photography?" (Yes, I do!). "Do you always carry a camera with you when riding?" (Yes, I do!). Who can argue with that? Not even uncle Sam!
Unless the tax laws have changed in the last few years there's a limit to how long you can get away with that, though. If I remember right it used to be that you had to show a profit one year in five (three?) or the IRS considered it a "money earning hobby" and the expenses of a "money earning hobby" aren't deductible. Now, if you're a pro photographer and your photography business is making money then you can probably deduct a lot of expenses as being "for a shoot" but if you're a wage slave with a regular paycheck and doing the business "on the side" it's a lot harder.
You can sometimes claim bicycling expenses as a medical deduction. Ordinarily exercise equipment is not deductible, however
if you have a medical condition and a doctor's prescription for bicycling for treatment of that condition, then gear is a medically deductible expense. But trips wouldn't be as the IRS figures that bicycling around your block is just as therauputic (sp?) as bicycling in Italy.
I just purchased a TREK 7300 with before-tax money from my medical flexible spending account because my cardiologist wrote me a prescription requiring that I ride for treatment of my existing heart condition. The people that administer our flexible spending plan say the prescription has to be quite specific, by the way.