Becoming Instructor
Posted by LiberateMeFromYou@reddit | Firearms | View on Reddit | 5 comments
Say hypothetically you want to become a firearm instructor and teach one class a year. Could you say write off Ammo and guns off your taxes as training supplies?
Agammamon@reddit
No.
FalloutRip@reddit
Broadly speaking you can only write off expenses that are used exclusively for business purposes, but there may be other limits as well.
You would need to track and log purchases made that are used solely during training classes separately from those for personal use. Easy way would just be using two different credit cards.
Talk to a CPA.
MrGollyWobbles@reddit
https://www.irs.gov/newsroom/tips-for-taxpayers-who-make-money-from-a-hobby
Flat_chested_male@reddit
Business expense
Schm8tty@reddit
That's a question for a tax expert.
As a non tax expert, I would say that if you're not trying to book more classes then you're not really following the intent of the law.
If you're trying but can't fill them, then that's quite a bit of loss.
If you have a side gig and it loses thousands of dollars a year and never generates revenue or revenue growth, that would hypothetically look weird to an auditor.