Deducting "Hobby" expenses from your Taxes

[Seangie]

Anyone out there deduct their costs for repairing the bus from their taxes as a "hobby" expense?  If I could show intent on fixing this bus up to sell for a profit...hmm...those would be some nice deductions

-Sean

www.herdofturtles.org

[belfert]

Hobby expenses can only deducted up to the amount of any hobby income.  Presumably your bus makes you no income.

[Seangie]

Brian - just read up on that and saw you couldn't take hobby deductions for a loss.  Too bad cause this would be the perfect hobby for that

-Sean

www.herdofturtles.org
1984 Eagle Model 10S

[wg4t50]

Everyone has a different game plan, for my setup, the Coach is used mostly for business trips.  So most things are written off, one snare in the game, you need a business where the amount your writing off is a very minor expense. We are fine per our tax pros.
Dave M

[Lostranger]

Our bus is our primary residence. That makes a difference with the tax man.

[Scott & Heather]

Our bus is our primary residence. That makes a difference with the tax man.

DITTO