Writing your guns and gun accessories off on your taxes if you have a "gun business"?


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TheOtherOne
May 7, 2005, 03:32 AM
I started a website a few years back that dealt with cars. It is one of my other major hobbies besides guns and now I actually make a decent amount of money off that site. I have a car that I never drive anymore (it's actually in storage) and I have ALOT of modifications on it. All the mods and just about everything about it is documented on the website and I continue to write anything off that I add to it because it all goes up on the site.

Well, anyways, I've been thinking lately that it would be fun to start another gun related website and start keeping track of all my gun and shooting trip expenses plus the other stupid modifications/building/tinkering that I do with them. I really don't think I would have any chances to actually make money at it because the web-gun business is far too saturated right now, not to mention that your usual advertising companies don't take gun sites. Still though, I could at least try and call it a business and write off all my new purchases, couldn't I? Even if the chances of actually making a profit are pretty near zero, I don't think having profits has to be part of a legitimate business.

Is there anything not acceptable about starting a gun oriented business and then keeping track of all gun purchases as business expenses for tax purposes?

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AirPower
May 7, 2005, 05:04 AM
it kind of depends on what kind of business. if you setup a coompany or LLC, then you can probably claim expenses, but if you're just doing it as an individual, it'd be hard to claim them unless you're a dealer engaging in gun business.

Wiley
May 7, 2005, 07:50 AM
The last I heard, years out of date, is that the IRS requires you make a profit 2 years out of the last 5. Even then they can declare it's a hobby, no deductions.

Also concider the AMT.

You need to talk to your tax advisor before proceeding.

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