Is a bike a tax write-off?

[Kelspin]

I know some of our expenses can be written of for tax purposes.
Do you know if a bike can be written off?

[Legspeed]

Do you make the majority of your income riding it?

[Kelspin]

Excellent question - the answer is no. The majority of my income is from Spinning and Group Ex. I have been told that I can write off music, ipod, clothing, certs. continuing ed, etc. I know some who have written off their PowerBooks and other things. I know that outdoor riding would make me a "better instructor and help with education of others" I am guessing I can't, but wonder if any ever has or know for sure :)

[AC]

A percentage of any non-reimbursed business expenses is deductable. I would guess that if you use the bike for transportation to and from work, you can depreciate the cost using a table. If you have something job related, that says you are required to ride outdoors as part of your job, that's legitimate.

Deduct the full cost of a bike? It's like being an Art teacher and buying a Picasso because it would enhance your appreciation of art and make you a better teacher. Nice try, though.

Usually the litmus test for deductions is, would you be able to sit across from an IRS auditor and keep a straight face.

[Kelspin]

A percentage of any non-reimbursed business expenses is deductable. I would guess that if you use the bike for transportation to and from work, you can depreciate the cost using a table. If you have something job related, that says you are required to ride outdoors as part of your job, that's legitimate.

Deduct the full cost of a bike? It's like being an Art teacher and buying a Picasso because it would enhance your appreciation of art and make you a better teacher. Nice try, though.

Usually the litmus test for deductions is, would you be able to sit across from an IRS auditor and keep a straight face.

I thought it was a long shot! :wink: I do know of plenty of folks that write off IPODS, POWERBOOKS, the latest and greatest bike shoes, shorts etc.


THIS OPENS ANOTHER CAN OF WORKS WHAT ALL DO YOU CLAIM SPIN RELATED?

[AC]

Money spent on CEC's.
Travel to and from the gym.
A few bucks on work related clothing, CD-r's, batteries. Hence, the shoes, shirts, etc., could be deductible, but it's a percentage anyway. If you use an accountant or tax prep specialist, he'll charge you more to fill out the schedule than the deduction is worth.

The Ipod thing is bogus because unless the gym insists you use an Ipod, it's not a deduction, A computer is not a legitimate deduction if one is provided by your employer. Only if it's required and not provided. If you're audited, you have to bring verification from the workplace.