February 12, 2004, 01:37 PM
I will soon begin preparing for my tax return. I would like to be able to claim the firearms and ammunition that I purchased last year as a legitimate tax deduction, for home security. Would this be allowed? Any accountants or CPAs on thr.org?
February 12, 2004, 01:53 PM
You can claim anything you want to - you may not make it past the audit however :evil: .
If you were running ccw classes or another training type of school where you needed to supply pistols & ammo then possibly. For general personal use then my nonprofessional opinion is no.
February 12, 2004, 03:51 PM
nor do I play one on TV. But if I'm not mistaken, if you buy weapons/ammo for security of your business (e.g., you often have to go in high-risk areas at bad hours on the job) AND you own the business, you can write it off as an expense. But for home use, no.
February 12, 2004, 03:57 PM
but there should be a deduction that you can take for hobbies. You may have to submit receipts for purchases.
February 12, 2004, 04:48 PM
Thanks for the replies.
Gotta love this forum!
February 12, 2004, 05:27 PM
I am a CPA. You can deduct bullets, targets, supplies, etc. and section 179 (expense) or depreciate guns and other large ticket items if you are in the trade or business of shooting (whatever that means). I would think providers of CCW classes and other types of firearms training fall into this group. If you made money from magazine articles about guns or had your own TV show you could also be in the trade or business. If you owned a gun shop or sold guns as a trade or business, you could deduct items for testing purposes, inventory sold and the necessary items it takes to run a business.
Hobby expenses are deductible up to the amount of income you have from the hobby only. In other words, if you make $1,000 from a hobby, you could deduct no more than $1,000 in expenses relating to that hobby under IRC sec. 183. You cannot take net loss on your tax return for a hobby.
If you want to know what the IRS looks at in determining if something is a hobby or a trade or business look at the Treasury Regulations starting at 1.183. There is also an IRS publication on the issue. Look at www.irs.gov and run a search for hobby losses.
No deduction is allowable for "home security" as it is a personal expense just like groceries.
February 12, 2004, 08:53 PM
Thanks Russ. Got your PM.
February 12, 2004, 09:54 PM
Sounds like a good way to register gun owners via tax records.
February 12, 2004, 10:16 PM
I am with AZRick on this one. Do you really want to let the IRS know about your proclivities?