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Author Topic: Filing Taxes  (Read 1289 times)

jhutch769

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Filing Taxes
« on: March 11, 2010, 12:39:47 PM »
I have in the past earned 1099's through bowling and have been deducting items since I received my first one a few years back through a Schedule C.   I am at the end of the form and it is asking about Investment at Risk.  All my investment is in Entry Fees so it should all be at risk, however, I have bowling equipment as an investment as well.  SHould I mark Some investment not at Risk?

Also, I am showing a large loss this year, and have not shown profit in a few years.  Should I omit mileage and other deductions to get closer to even?

 

r534me

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Re: Filing Taxes
« Reply #1 on: March 11, 2010, 08:54:28 PM »
I am assuming bowling is your part or full time profession.  What are the guidelines so that one does not run afoul of IRS business versus hobby rules besides the ability to turn a profit?  I am curious since I've got some money coming this year and I may or may not receive a 1099 for it.

jhutch769

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Re: Filing Taxes
« Reply #2 on: March 11, 2010, 09:15:16 PM »
From last years USBC you should have already received your 1099..

I claim all money paid and earned for all entry fees, mileage to tournaments, bowling equipment bought, plane tickets, hotels, meals (to a certain extent).

Here is an article I just ran across too..

http://taxhop.com/script/100-business-income-schedule-c

r534me

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Re: Filing Taxes
« Reply #3 on: March 11, 2010, 09:32:38 PM »
Thanks, I'll look over the article.

The winnings are for other tournaments not the USBC.  I didn't do well enough to earn a 1099.

r534me

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Re: Filing Taxes
« Reply #4 on: March 12, 2010, 10:01:01 AM »
Schedule C assumes you make a living as professional bowler?  Mine will likely fall under schedule A.