Is it possible to deduct firearms and hunting/fishing equipment on your taxes as "research gathering equipment" or some other related field. If any of you have had experience with this, successful or not, please let my know. I'm seeing my CPA Sat. and would like any facts to plead my case as to why I should be able to do this. Thanks in advance and "Taxi On"!
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only if you sell furs as your main source of income. Other wise hunting and fishing equipment are considered for fun. Went through this three years ago.
Although keep the sales slip as an Auditor may go ahead anc consider it.
Be sure and research the regs on line.
I had my accountant check into this and yes you can deduct firearms, hunting license. It falls under field research.
Unlike John's Arkansas laws, Oklahoma law does not allow the sale of wildlife parts or portions. So the only way you can get display items for your show room is to go get them yourself. My account is writing of my new Horne recurve bow as we speak. Now, if I lived in Arkansas where sale is legal, I would be out of luck. Good Luck.
...should know. My feelings are it all depends on your situation, your local laws and how aggressive you are with your taxes.
If YOU can justify the write-offs within the frame of the tax laws, then I would do it. (But that's just me!) And, be able to back up your reasoning IF audited.
Worse case scenario (I would think) would be the IRS denies it later and you've got to pay the tax and some small penalties. Many items are subject to interpretation. And I would think this would be one of them...
Just my opinion of course. I am NOT a tax accountant, nor do I play one on T.V....
It took me a long while, months to defend taking deductions for some things, ans my CPA said these were deductable.
It amounted to $500.00 I was depriciating. Well by the time they get through with penities and back taxes the amount was $1786.00 for the crap, plus the time of being hasseled.
Back taxes and penilties can add up.
If your CPA dont know for certain dont do it. Better be cautious, should you find out with out a dought you can bring it forward for deduction.
Our preparer says "anything that results in business or advertisement can be claimed for taxes"-specimen gathering tools(i.e. boats,guns,dogs,camo clothes,licenses)