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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. |
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06-09-2005, 10:12 AM | #1 |
Lives in Spirit
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
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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?
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Brinkmann Smoke King Deluxe Brinkmann Cimarron Deluxe FE-100 Fast Eddy by Cookshack They give me shivers when they bounce around, buckled up or draggin' on the ground, I like big....Joe Walsh |
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06-09-2005, 10:36 AM | #2 |
somebody shut me the fark up.
Join Date: 08-13-03
Location: Port Saint Lucie, FL
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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.
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06-09-2005, 10:38 AM | #3 |
somebody shut me the fark up.
Join Date: 08-13-03
Location: Port Saint Lucie, FL
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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.
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06-09-2005, 10:48 AM | #4 | |
somebody shut me the fark up.
Join Date: 08-11-03
Location: Chicago Southwestern Burbs, but always south of Madison Ave.
Name/Nickname : Professor Dickweed
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Quote:
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.
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. Bill-Chicago The death of "willkat98" Me: If you aren't woke, that means you're still sleeping, right? Kid today: That's racist! Bandera, M-BGE, WSM, Gold Kettle, Kenmore Gasser, 36Qt Turkey Fryer, ECB, Dutch Oven, Black Iron BBQ Viper-M, Blackstone 36" Griddle |
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06-09-2005, 11:21 AM | #5 | ||
Lives in Spirit
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
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Quote:
Quote:
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Brinkmann Smoke King Deluxe Brinkmann Cimarron Deluxe FE-100 Fast Eddy by Cookshack They give me shivers when they bounce around, buckled up or draggin' on the ground, I like big....Joe Walsh |
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06-09-2005, 11:40 AM | #6 | |
Lives in Spirit
Join Date: 02-17-04
Location: Wherever there's Sweet Blue
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Quote:
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
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Brinkmann Smoke King Deluxe Brinkmann Cimarron Deluxe FE-100 Fast Eddy by Cookshack They give me shivers when they bounce around, buckled up or draggin' on the ground, I like big....Joe Walsh |
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06-09-2005, 11:57 AM | #7 |
somebody shut me the fark up.
Join Date: 10-21-03
Location: Bandera Owner in Missouri
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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!
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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!! |
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06-09-2005, 01:30 PM | #8 | |
Grand Poobah and Site Admin
Join Date: 08-11-03
Location: Long Island, NY
Name/Nickname : Phil
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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?
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Site Administrator and Grand PooBah CBJ with a Fuzzy Blue Hat, 18 Foot Competition Trailer, Customized Klose BYC, Custom Built Shirley built to feed our Veterans(A.K.A "Abrams"), 1 Double Barreled Lang 84, 1 Heavily Modified Bionic Bandera, 1 Custom Super Medium Stickburning Spicewine w/stoker, 2 XL BGE, 1 Mini BGE, 2 Pit Barrel Cookers, 3 WSMs, 3 Weber Kettles, an NB Hondo, A Modified Brinkman Horizontal, DCS 48" Grill, a Broilmaster P3, a Blackstone 36 and 17, 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 |
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06-09-2005, 02:16 PM | #9 | ||
Moderator Emeritus
Join Date: 04-08-04
Location: Marianna, FL
Name/Nickname : Tim
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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
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"Flirtin' with Disaster" BBQ Team (RETIRED)
New Ninja Woodfired Grill for Christmas 2023 |
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06-09-2005, 02:18 PM | #10 | |
somebody shut me the fark up.
Join Date: 08-13-03
Location: Port Saint Lucie, FL
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You should be able to claim a loss for 3 years. |
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06-09-2005, 02:36 PM | #11 |
Knows what a fatty is.
Join Date: 05-16-05
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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.
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06-09-2005, 04:26 PM | #12 | |
somebody shut me the fark up.
Join Date: 10-21-03
Location: Bandera Owner in Missouri
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BBQ'n tax right offs.......I gotta look into that.........
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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!! |
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