Author Topic: Deducting "Hobby" expenses from your Taxes  (Read 2339 times)

Offline Seangie

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Deducting "Hobby" expenses from your Taxes
« 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

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Offline belfert

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Re: Deducting "Hobby" expenses from your Taxes
« 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.
Brian Elfert - 1995 Dina Viaggio 1000 Series 60/B500 - 75% done but usable - Minneapolis, MN

Offline Seangie

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Re: Re: Deducting "Hobby" expenses from your Taxes
« 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 ;)

-Sean

www.herdofturtles.org
1984 Eagle Model 10S
'Cause you know we,
we live in a van (Eagle 10 Suburban)
Driving through the night
To that old promised land'

Offline wg4t50

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Re: Deducting "Hobby" expenses from your Taxes
« 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
MCI7 20+ Yrs
Foretravel w/ISM500
WG4T CW for ever.
Central Virginia

Offline Lostranger

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Re: Deducting "Hobby" expenses from your Taxes
« Reply #4 on: April 05, 2013, 04:08:36 AM »
Our bus is our primary residence. That makes a difference with the tax man.
Jim H.
Marion, NC
1999 Gillig H2000LF
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Offline Scott & Heather

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Re: Deducting "Hobby" expenses from your Taxes
« 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
Scott & Heather
1984 MCI 9 6V92-turbo with 9 inch roof raise (SOLD)
1992 MCI 102C3 8v92-turbo with 8 inch roof raise CURRENT HOME
Click link for 900 photos of our 1st bus conversion:
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