Bad week turned around yesterday and today

[fishingmarlin]

Met with the insurance adjuster from Allstate yesterday and even though my roof is not severly damaged by any means Allstate is completely replacing it for me!!!

Found out this year we are actually getting back $3000 from taxes and I can start claiming ALL my fishing purchases and mileage.

Linda Colt called me today and said she would replace my Hot Spots Elite East card with the PRO and send me a brand new card reader for my Map Create. LEI wanted to charge me for both even though products quit working under normal circumstances and within 2 years.

Going to buy my lottery ticket tonight!!

[countryboyky]

Sounds like did all right this week

I got my check for my new roof this week also. It was damaged during the Jan storm. Taxes not done yet, but hope that will turn out pretty well.

Now if it would just get a little warmer out and the dang wind quit blowing a guy might be able to fish some.

[dpage70]

Glad to hear Linda is taking care of you Billy. She should train every customer service person in the country in how to keep customer's happy.

[A.J.]

Sweet deal dude

[Boss445]

Thats great Billy. I have been claim my fishing expenditures for the last 2 years since I have been getting 1099's. Good luck with your fishing this year!

[nkyangler]

That is good to hear.

[fishingmarlin]

Yeh Bob apparently I have 5 years to make a profit ..lol

[buzzking]

Its my understanding you only have to show viable income, this is coming from the last CPA I asked about it.

[Ky 520c]

I claimed mine for a few years and then after talking to a few different cpa's quit for fear it's pretty much a gamble...here is a court case where the IRS won against a tourney fisherman who had a lot better records than I did:

http://www.ustaxcourt.gov/InOp...D.pdf
This was from a CPA I talked to on another board:I am a CPA and prepare taxes for a living. I strongly suggest reading the link posted to anyone looking to write-off tourney expenses. It is certainly a case by case issue as very few of you are seriously contemplating quiting your jobs to fish full-time to pay the bills. Pay special attention to the section 1.183-2(b) that discusses 9 objective factors the IRS considers in ascertaining intent and note that yes, by merely having personal pleasure in the activity is a strike against you. The more money you make at your regular job also hurts you. How many tourneys would you have to win in order to sustain your current income level? I commonly run into these issues here in KY with clients that like to partake in horse breeding and recently concluded a case with the IRS covering these very same issues. This battle was very expensive for my client even though we won the case. Aside from the interest and penalties you may be charged from the IRS you'll also have to pay someone like me $200+/hour to defend you. Just know what risks are.

Im not saying do it or don't do it but I might get a second opinion,this guy qualified for the All-American had excellent records and still lost??


Modified by Ky 521 at 11:10 PM 2/21/2008