PEAX Equipment

AZ auction elk tag.

WOW! I've always been curious as to these auction tags apply to taxes... Are they writeoffs, etc...? Big Fin where are you! ;)

you think because of the snow you guys got?
I bet it's because he'd tried to use Cabela's TAGS to put in for the draw... :D
 
You know, I've always thought that I'd never go in on an auction tag like that. I suppose I should submit a poll, but how many of you guys would actually pay big bucks for those auction tags (assuming money wasn't an issue for you)? I don't think I would pay tens of thousands (or more) for a tag...satisfaction of paying a few hundred bucks to hunt an animal would be greater than paying $200k (at least for me). And a lot less pressure if I didn't shoot one. :D
 
WOW! I've always been curious as to these auction tags apply to taxes... Are they writeoffs, etc...?

Pointer:

If you purchase the tag from a non-profit organization (qualifed under Interal Revenue Code 501(c)3) you get to deduct the amount you pay in excess of the fair market value.

The FMV is what you would have to pay if you drew the tag in a public drawing. That part is a charitable donation.

Many of these guys are professional hunters or trophy collectors. If they are a professional hunter, lets say a Jack Brittingham, these tag costs are deductible business expenses and reduce his taxable business income.

Those who are trophy collectors get to add the tag costs and the cost of the hunt as their "basis" in the trophy. When they sell the trophy, or the collection, they get to deduct the full "basis" they have in these trophies, reducing their captial gain in the sale.

So, yeah, they are buying these things with some help from Uncle Sam. Fiver years ago, the Congress tightened the provision that allowed deductions for donation of your trophy collections, so it wouldn't surprise me if pretty soon, they stop allowing this deduction also.
 
Fin- Thanks for that! I doubt I'll ever be able to afford any type of auction tag, but it is nice to know that it's not all out of pocket if I did!

If they are a professional hunter, lets say a Jack Brittingham, these tag costs are deductible business expenses and reduce his taxable business income.
I guess this part would apply to outdoor writers as well for auctions and paid for trips?

Thanks for clearing things up.
 
Fin- Thanks for that! I doubt I'll ever be able to afford any type of auction tag, but it is nice to know that it's not all out of pocket if I did!

I guess this part would apply to outdoor writers as well for auctions and paid for trips?

Thanks for clearing things up.

Yup, it would. And video producers, and taxidermists, and any other person who makes a portion of his living in the hunting world.
 
Ollin Magnetic Digiscoping Systems

Latest posts

Forum statistics

Threads
111,334
Messages
1,955,156
Members
35,129
Latest member
Otto247
Back
Top