You have to make money...
You have to win money in your tournaments in order to be able to claim expenses. I believe the minimum is $400,IMO. You can claim, gas, oil, motel, food, tackle, etc. Save your receipts as the year goes. You may not win anything until the last tournament. Get with a good tax person.
Bassky
RE: You have to make money...
Yeah you can claim some of that, but look into the detials. There is only so much you can claim on food and gas is done a little different. I believe their is an amount used per mile expense. So mileage is deductible, but not gas directly. Now, I am not sure how boat gas works? That might be worth checking into.
RE: You have to make money...
Hi EJ;
And this is to everyone. You are allowed to claim everything you spend on a Tournament, "PROVIDING IT IS FOR A CHARITY". Most people are not aware of this so this is why I am bringing this to everyone's attention. It falls under the same law as Bingo believe it or not. But please people, keep honest receipts and don't try to cut corners on anything. Because politicians may change the law faster than you can say 1040.
Bigboy