There is an item to deduct hobby expenses on the tax form. Has anyone tried to do that with this hobby ?

...I always assumed that bit was for defraying my cocaine costs.

If you own your own business and entertain customers or potential customers you can probaly get away with writing off hobbying expenses as long as you get a receipt. Remember that independent business people are high on the IRS audit list, so if you take to writing off hobbying expenses you have better cover all bases with an airtight seal or you will end up in tax hell.

Hobby losses are deductible only to the extent of gross income from that hobby. You cannot deduct against other income.

Personally, I don't see myself ever having any gross income from this hobby to offset expenditures. Do you? =)

Note to the Hobbyist ...

Writing off legitimate expenses is appropriate. However, "Hobbying" would not be construed as a legitimate expense nor a legal expense in almost every state.

When you sign your return, you make the following representation, "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and
belief, they are true, correct, and complete ..."

If you should choose to write-off your hobbying expenses, you are probably committing purgery as well as tax fraud.

Both being big no-no's.

Signed,

OFF

-- Modified on 4/17/2006 1:34:20 PM