Tax deductible for expenses related to body building context?
Feb.21, 2010 in
Best Muscle Building Workouts
I have participated to body building competition in 2007 and won number two in the trial states. Will I be able to deduct the training related expenses for tax deduction?
If I could, what other related expenses that I could deduct (such as vitamin, etc)? This competition is not professional, it is for amateur.
Thank you!
February 21st, 2010 at 3:10 am
Hobby income goes on line 21 of the 1040.
Hobby expenses–limited to the amount of winnings–go on schedule A as an itemized deduction. Vitamins are not going to count as an expense.
If there are no winnings, you cannot deduct any expenses.
February 21st, 2010 at 3:34 am
If you have made a significant amount of money with body building, then you can consider it a business. In this case, you should file a shcedule C (or CEZ) to report the business income and all of the related expenses (including travell!!). It is possible that you will techically suffer a loss in this business venture- which would be a tax benefit to you, because you will have a negative income, which will be subtracted from any other income you have.
just be careful: if you end up with a negative income year after year, it can be treated as a hoby instead of a business.