Can I Deduct... - Mountain Buzz
 



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Old 02-12-2013   #1
 
Montrose, Colorado
Paddling Since: 1975
Join Date: Jan 2010
Posts: 195
Can I Deduct...

Any Buzzards know if the fees I expend annually for river permits that I get rejected on are tax deductible? Maybe if I inflated the $$ ammount to say $4000 per annum, in $25 or less ammounts (so I don't need a reciept) someone in the govt would give in and let me have one of the GC/MFS/MS/SJ/WW/Selway/GL etc. permits. Maybe I ought to give it a go...

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Old 02-12-2013   #2
 
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GF, Montana
Paddling Since: 1983
Join Date: Jan 2011
Posts: 101
There is a deduction that you can take for gambling losses... River lottery fee = (no win) gambling loss... Heck, it could work!
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Old 02-14-2013   #3
 
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Gardnerville, Nevada
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Posts: 485
You can only deduct your gambling losses to the extent of your gambling winnings. So sorry, it would not work. Good try though.
Slim, if you are in the business of rafting commercially you could deduct permit fees and other business costs, otherwise no.
Oh,btw if you are audited you need to have receipts for every nickel. The Irs are bastards
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Old 02-21-2013   #4
 
Arkansas during the off-season Nomadic during the summers! :), Arkansas & Colorado
Paddling Since: 2006
Join Date: Jun 2006
Posts: 950
Yes but based on the gambling loss/win issue he could deduct the amount of losses based on the cost of the lottery permits he "won".

Or you could go to a casino and win $$ equal to the money spent on lost permits!
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Old 02-27-2013   #5
Old Guy in a PFD
 
Colorado Springs, Colorado
Paddling Since: 1967
Join Date: Feb 2013
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Or you might explore the possibility of deducting rafting costs as a charitable expense. I mean, think about it.
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