# Pro division Tax write off??



## ScottyE (Apr 17, 2008)

I heard somewhere it may have been on AT that if you register as a professional than you can write off your expenses. What expenses can you write off? How does it work?

Asking because I'm getting ready to start my first year in the pro division


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## SteveID (May 6, 2008)

Well, I'm not a tax lawyer or anything, but here is how it was explained to me. You have to show income from your tournament winnings to write off any expenses from those tournaments. So, if you win Vegas and clear $XX,000, you could write off your expenses for that trip, possibly other archery related expenses as well (such as your equipment).


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## Wyattwithabow (Nov 3, 2013)

Go see the tax guy! Find a good one and he or she can help you out with this. There are many write offs available.


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## 60X (Nov 8, 2002)

You can write off as much as you win.


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## blueglide1 (Jun 29, 2006)

You can show losses,but you will have to have a profit also every other year or so.I think here it's every third year you have to be on the positive side.Depends on your state tax codes.


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## FV Chuck (Dec 11, 2004)

ScottyE said:


> I heard somewhere it may have been on AT that if you register as a professional than you can write off your expenses. What expenses can you write off? How does it work?
> 
> Asking because I'm getting ready to start my first year in the pro division


First... Welcome to the Pros! Thanks very much...it's gonna be a great time for you. Or at least I hope it is. 

Second... unless your drawing a check and wnning it's pointless... but seriously. AT for all the wisdom it might contain is NOT the place to seek this advice.  Tak to your local tax guy. 
FWIW... mine said shut up and shoot. Call me when you win something.


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## archer_nm (Mar 29, 2004)

Chuck, your tax guy is funny. Happy turkey day see you in Vegas


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## blueglide1 (Jun 29, 2006)

FV Chuck said:


> First... Welcome to the Pros! Thanks very much...it's gonna be a great time for you. Or at least I hope it is.
> 
> Second... unless your drawing a check and wnning it's pointless... but seriously. AT for all the wisdom it might contain is NOT the place to seek this advice.  Tak to your local tax guy.
> FWIW... mine said shut up and shoot. Call me when you win something.


Chuck is right,your tax consultant is the only true guy you can take to be correct.He will be the only one that can advise on your state tax codes as I said in my post also.


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## tmorelli (Jul 31, 2005)

If you have taxable income, regardless of pro/am status, you can write against them and beyond....at least my tax guy says so....and does.


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## ScottyE (Apr 17, 2008)

thank you for all the information! ill talk to the tax man


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## kward598 (Sep 25, 2002)

Ask him about filing business/hobby. Its always fun keeping receipts!!


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## tmorelli (Jul 31, 2005)

Mine doesn't have me keep receipts. I pay for everything on my designated card and just give him a summary spreadsheet.... membership fees, entry fees, mileage, hotels, equipment costs, winnings, etc.


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## DarrinM (May 21, 2002)

I wrote off some and even added to a retirement plan with winnings. I know at least two shares of baby Berkshire were bought with archery cash! Check withnyour tax guy and your retirement planner for funding options in a SEP if you really make money...

But I did have a few good years spaced out very convieniently


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