Racetrack off limits

[nightmare69]

I know the PBR rodeos would be off limits but was wondering about our local rodeos. I don't know if there is a cash price, Im assuming there is. Concealed means concealed.

[cb1000rider]

I know the PBR rodeos would be off limits but was wondering about our local rodeos. I don't know if there is a cash price, Im assuming there is. Concealed means concealed.

Aren't all rodeos paid events?

[nightmare69]

I dont know, this is a grey area.

[txglock21]

I know the PBR rodeos would be off limits but was wondering about our local rodeos. I don't know if there is a cash price, Im assuming there is. Concealed means concealed.

Aren't all rodeos paid events?

Respecfully, no sir, not all. There are several around NE Texas that are open to the public (either free or small admission fee) that are "practice rodeos" where there is a competion rodeo, but no prize money, etc. They are designed to give bull riders, barrel racers, etc.. experience in becoming "pros". Most are for high school kids, but not "sponsored or supported" by the schools or districts. Sometimes they are more entertaining than some professional rodeos I've been to.

[cb1000rider]

Thanks..

[bizarrenormality]

If it's a professional sport, can a one time competitor write off their expenses as business losses?

[Keith B]

If it's a professional sport, can a one time competitor write off their expenses as business losses?

Don't know. Why don't you ask that on your accounting forum?

[bizarrenormality]

If it's a professional sport, can a one time competitor write off their expenses as business losses?

Don't know. Why don't you ask that on your accounting forum?

Sorry. I forgot for a moment this was a professional bull something forum, where a fence is a building.

[Keith B]

If it's a professional sport, can a one time competitor write off their expenses as business losses?

Don't know. Why don't you ask that on your accounting forum?

SOrry. I forgot for the moment this was a professional bull riding forum.

Actually, no, it's still a CHL forum and discussing not carrying at a professional sporting event. The fact is, there are pro and amateur in all sports. It's up to the CHL to make the call on if it's professional or not. NASCAR, PRCA, PBA, PGA, etc is all professional. Dad and son drag racing on the weekend for a trophy or small purse, playing in a golf tournament for prizes (not paid regularly), bowling or riding horses for ribbons is not professional.

[Dadtodabone]

If it's a professional sport, can a one time competitor write off their expenses as business losses?

Probably not. For an expense to be deductible the taxpayer must devote time to the business in the honest belief that the business will sometime in the future become profitable. Otherwise it's just a hobby.
The yard stick I've heard examiners use is 3 profitable years in a span of 5 consecutive for general business activities. Horse breeding and racing though, have a larger span of consecutive years, 7, and a smaller number of profitable years during, 2. I believe farming and ranching also have similar measures for allowing expense deductions.
The irs really began cracking down on "hobby" businesses around '07.

[bayouhazard]

Good point. If it's a hobby for the particpants then it's amateur, not a professional sport.

[nightmare69]

Ill be glad once Im a LEO, wont have to worry about these grey areas when off duty.