TAX WRITE OFF FOR METAL DETECTING??

[idaho dan]

Does anyone know if a person can write off expenses associated with Metal Detecting? Don't know if this has been discussed before but it seems if one is doing this attempting to make a profit, it would logically follow that associated expenses would then be deductible. Am I Right or Wrong?

 

[knightsquad]

Yeh then they would expect you to pay taxes on what you find! LOL

Pete

 

[BigCatDaddy]

If you want to get audited, go right ahead and try it!! It's a hobby, not a business.

 

[William-NM]

On the other hand, the IRS is complaining about not having enough in the budget for auditors (boo-hoo). Just don't name it "Tea Party Detecting" or anything.

 

[Caretaker me]

I write off all my tools that I use for work, it's just like my hammer or chop saw, I use it to find pipes and out large objects in the ground

 

[artman60]

Actually the part I was wondering about was, just say the miracle occurred and I found one of those 1/2 pound gold chains at the beach, 24K (hey we all have our dreams). I send it off to ARA, get my check, and a 1099. I bought the detector this year, at that point I would think it's a legitimate write off against part of the 1099. Of course if my dream was to come true, I would talk with a professional tax person. I like these kinds of thoughts, as opposed to "if I'm in the woods, and a hungry bear approaches, what would I do?" Artie

 

[NamVetLesTreasureSeeker]

Guys, There's plenty of GOOD STUFF to talk about other than THIS TOPIC!! With all the CRAP going on in the last (4) yrs., DON'T give them ANY IDEAS!! Les Robinson

 

[firstring]

Write a book and get it published or start your own business are two ways that I know.

 

[idaho dan]

Thanks for all the info guys. I know we have probably alot better things to talk about but it was just a thought. Thank You.-----Dan

 

[artman60]

If you have enough finds that you send them off to ARA, and you get a 1099, You should be able to write off expenses incurred with the earnings. Artie