ブタ
The BBQ BRETHREN FORUMS.


Forum Portal Recipes Smoke Signals Magazine Welocme Merchandise Associations Purchase Subscription Brethren Banners
Go Back   The BBQ BRETHREN FORUMS. > Discussion Area > Competition BBQ

Notices

Competition BBQ *On Topic Only* Discussion regarding all aspects of Competition BBQ. Experiences competing or visiting, questions, getting started, Equipment, announcements of events, Results, Reviews, Planning, etc. Questions here will be responded to with competition BBQ in mind.


Reply
Thread Tools
Unread 06-09-2005, 10:12 AM   #1
kcquer
Lives in Spirit
 
kcquer's Avatar
 
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
Downloads: 0
Uploads: 0
Default Didja Know....

If you finance an RV or travel trailer that has kitchen and bath facilities that the interest is tax deductible same as your home mortgage interest?
kcquer is offline   Reply With Quote


Unread 06-09-2005, 10:36 AM   #2
parrothead
somebody shut me the fark up.
 
parrothead's Avatar
 
Join Date: 08-13-03
Location: Port Saint Lucie, FL
Downloads: 0
Uploads: 0
Default

I think someone is telling you a story to get you to buy one. As far as I am aware, you can only deduct on primary residence. Now, if the trailer IS your primary residence, then have at it.
__________________
Greg

American Picker Blog
parrothead is offline   Reply With Quote


Unread 06-09-2005, 10:38 AM   #3
parrothead
somebody shut me the fark up.
 
parrothead's Avatar
 
Join Date: 08-13-03
Location: Port Saint Lucie, FL
Downloads: 0
Uploads: 0
Default

However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.
__________________
Greg

American Picker Blog
parrothead is offline   Reply With Quote


Unread 06-09-2005, 10:48 AM   #4
willkat98
somebody shut me the fark up.
 
willkat98's Avatar
 
Join Date: 08-11-03
Location: Chicago Western Burbs, but always south of Madison Ave.
Downloads: 0
Uploads: 0
Default

Quote:
Originally Posted by parrothead
However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.
Then the trailer rig is also part of the busness. Doesnt need the whole mobile home facilities of bath and kitchen.

I'm sure Chad and others can comment on the business aspect and tax advantages of incorporating.

I see alot of teams that compete and sell their sauce and such are all LLC's. (limited liability companies)

So KC, check on these aspects as you look to finalize your purchase.
__________________
.
Bill-Chicago

"Bitch..." - Jessie Pinkman

Bandera, M-BGE, WSM, Gold Kettle, Kenmore Gasser, 36Qt Turkey Fryer, ECB, Dutch Oven
willkat98 is offline   Reply With Quote


Unread 06-09-2005, 11:21 AM   #5
kcquer
Lives in Spirit
 
kcquer's Avatar
 
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
Downloads: 0
Uploads: 0
Default

Quote:
I think someone is telling you a story to get you to buy one
Not financing mine so there would be no reason for them to tell me that, it was posted on a salesmans wall at one place we looked. It was an IRS poster complete with Govt form #.

Quote:
So KC, check on these aspects as you look to finalize your purchase.
My competition participation is going to be so limited as to not be worth any of these hassles. 1 this year definitely won't warrant it and not sure 3 or 4 next season will either.
kcquer is offline   Reply With Quote


Unread 06-09-2005, 11:40 AM   #6
kcquer
Lives in Spirit
 
kcquer's Avatar
 
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
Downloads: 0
Uploads: 0
Default

Quote:
I think someone is telling you a story to get you to buy one. As far as I am aware, you can only deduct on primary residence. Now, if the trailer IS your primary residence, then have at it.
Just verified this with my tax accountant.....
You can take a deduction on primary and a secondary residence. If you don't already have a vacation home or rental property that you're taking as a secondary deduction, an RV or travel trailer (with kitchen and bath facilities) qualifies. Most people don't know this and don't take advantage of it, just thought I would pass it along.

BTW-scratched a check for a 26' fifth wheel with slide this morning. Having the hitch installed tomorrow. Will post pic's when I can drag it home :D
kcquer is offline   Reply With Quote


Unread 06-09-2005, 11:57 AM   #7
Solidkick
somebody shut me the fark up.
 
Solidkick's Avatar
 
Join Date: 10-21-03
Location: Bandera Owner in Missouri
Downloads: 0
Uploads: 0
Default

Note to self: Make a road trip to KC's this weekend.....the money tree seems to be in full bloom.........

Congrats on your new purchase!
__________________
Mr. Kick


------------------------------------------------
Belly Brothers BBQ Team

"Sister Flame" Spicewine Trailer Smoker,Modified Bandera, Uni-Flame Chicken Cooker with a Spicewine Thermometer mod,Kingsford Barrel cooker and a super fast RED thermapen

KC always said "fat cap up!!
Solidkick is offline   Reply With Quote


Unread 06-09-2005, 01:30 PM   #8
BBQchef33
Grand Poobah and Site Admin
 
BBQchef33's Avatar
 
Join Date: 08-11-03
Location: Long Island, NY
Downloads: 13
Uploads: 4
Default

Quote:
Originally Posted by parrothead
However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.

So if i claim the winnings from last year, i can write off the cost of the food, registration fees etc..? and depreciate the cost of the trailer?
__________________
Site Administrator and
Grand PooBah

CBJ with a Fuzzy Blue Hat, 18 Foot Competition Trailer, Customized Klose BYC, Custom Klose built MoAB (Mother of All Banderas) passed on to Big Dog, 1 Double Barreled Lang 84, 1 Heavily Modified Bionic Bandera, 1 Custom Super Medium Stickburning Spicewine w/stoker, 1 XL BGE, 1 Mini BGE, 1 Pit Barrel Cooker, 3 WSMs, 3 Weber Kettles, an NB Hondo, A Modified Brinkman Horizontal, DCS 48" Grill, a Broilmaster P3, a covered, pellet pooping FEC100, and our duck died. :(

News Flash:
"A mans worth is judged by the weight of his integrity "

You know your getting older when you choose your cereal for the fiber, not the toy


Smoke on KC.
WWW.BBQ-BRETHREN.COM
BBQchef33 is offline   Reply With Quote


Unread 06-09-2005, 02:16 PM   #9
The_Kapn
Moderator Emeritus

 
The_Kapn's Avatar
 
Join Date: 04-08-04
Location: Marianna, FL
Downloads: 0
Uploads: 0
Default

Quote:
Originally Posted by BBQchef33
Quote:
Originally Posted by parrothead
However, if you have a bbq related business, and competing and using this thing along the lines of competing, and is all a part of your business, then deductions and depriciation are in order. Of course you need to claim any prize money also.

So if i claim the winnings from last year, i can write off the cost of the food, registration fees etc..? and depreciate the cost of the trailer?
YUP, but....
Short version:
All income of this type is "taxable". All allowable expenses are deductible (to a point).
IF "BBQ COMPETETION" is a HOBBY--deductions are limited to the amount of income from the hobby. Specifically, you can not use "Hobby Expenses and losses" to offset other income.
IF "BBQ COMPETETION" is a BUSINESS--Same rules except you can offset other income if you have a legitimate loss.
So, the issue is...HOBBY or BUSINESS??
If it is a BUSINESS, most people take the proper steps to make it a real and legitimate business. This might be (but not limited to); advertising, creating a formal business structure, licensing, seperate financial records, etc. Lots of possibilities and "the more-the better".

I have been involved in "side businesses" for 30 years or so. A legitimate business is a great thing. I pay my taxes on profit and take my losses as they fall.

A Hobby you think is a Business can get you into problems if you offset other income with it.

I am an amateur--talk to your financial guy to get the full "skinny" on all of this.

And, yes, fully equipped RV's meet the requirement for "second home interest deductibility". We do that also.

TIM
__________________
"Flirtin' with Disaster" BBQ Team (RETIRED)
FBA and KCBS Cook and Judge.
Former owner of a WSM, a Smokey Joe, a Charbroil Commercial gasser (junk), the legendary "StudeDera", a Fast Eddy PG500, and Sherman.
Now cooking with a Yoder YS640
Proud Pellet guy cooking on real wood.
The_Kapn is online now   Reply With Quote


Unread 06-09-2005, 02:18 PM   #10
parrothead
somebody shut me the fark up.
 
parrothead's Avatar
 
Join Date: 08-13-03
Location: Port Saint Lucie, FL
Downloads: 0
Uploads: 0
Default

Quote:
So if i claim the winnings from last year, i can write off the cost of the food, registration fees etc..? and depreciate the cost of the trailer?
If you are operating some kind of home business. In this case BBQ. Such as catering, a retaurant, etc. These expenses would be advertising.

You should be able to claim a loss for 3 years.
__________________
Greg

American Picker Blog
parrothead is offline   Reply With Quote


Unread 06-09-2005, 02:36 PM   #11
JudgeTex
Knows what a fatty is.
 
Join Date: 05-16-05
Downloads: 0
Uploads: 0
Default

Ah... tax loopholes... writing off your hobbies. I have played in bands for 10 15 years and always make them give me a 1099 so I can write off all of my guitars, drums, etc.
JudgeTex is offline   Reply With Quote


Unread 06-09-2005, 04:26 PM   #12
Solidkick
somebody shut me the fark up.
 
Solidkick's Avatar
 
Join Date: 10-21-03
Location: Bandera Owner in Missouri
Downloads: 0
Uploads: 0
Default

Quote:
Originally Posted by JudgeTex
Ah... tax loopholes... writing off your hobbies. I have played in bands for 10 15 years and always make them give me a 1099 so I can write off all of my guitars, drums, etc.
not to hijack the thread, but, I did too, for 32 years. wouldn't have claimed my deductions if i hadn't have been handed a 1099....LOL

BBQ'n tax right offs.......I gotta look into that.........
__________________
Mr. Kick


------------------------------------------------
Belly Brothers BBQ Team

"Sister Flame" Spicewine Trailer Smoker,Modified Bandera, Uni-Flame Chicken Cooker with a Spicewine Thermometer mod,Kingsford Barrel cooker and a super fast RED thermapen

KC always said "fat cap up!!
Solidkick is offline   Reply With Quote


Reply

Similar Threads
Thread Thread Starter Forum Replies Last Post
Unneccesary advice - aka "Didja know...?" MOS95B Q-talk 24 09-12-2010 06:14 AM

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Loading



All times are GMT -5. The time now is 02:34 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
vBulletin Optimisation provided by vB Optimise v2.6.0 Beta 4 (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd.
2003 -2012 © BBQ-Brethren Inc. All rights reserved. All Content and Flaming Pig Logo are registered and protected under U.S and International Copyright and Trademarks. Content Within this Website Is Property of BBQ Brethren Inc. Reproduction or alteration is strictly prohibited.
no new posts