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Bus Discussion => Bus Topics ( click here for quick start! ) => Topic started by: Seangie on April 04, 2013, 02:18:21 PM

Title: Deducting "Hobby" expenses from your Taxes
Post by: Seangie 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 :)

-Sean

www.herdofturtles.org (http://www.herdofturtles.org)

Title: Re: Deducting "Hobby" expenses from your Taxes
Post by: belfert 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.

Title: Re: Re: Deducting "Hobby" expenses from your Taxes
Post by: Seangie 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 ;)

-Sean

 www.herdofturtles.org (http://www.herdofturtles.org)
1984 Eagle Model 10S

Title: Re: Deducting "Hobby" expenses from your Taxes
Post by: wg4t50 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

Title: Re: Deducting "Hobby" expenses from your Taxes
Post by: Lostranger on April 05, 2013, 04:08:36 AM

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

Title: Re: Deducting "Hobby" expenses from your Taxes
Post by: Scott & Heather on April 05, 2013, 09:17:25 AM

Quote from: Lostranger on April 05, 2013, 04:08:36 AM

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

DITTO