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Re: Hobbies in retirement
Old 02-11-2005, 08:32 AM   #41
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Re: Hobbies in retirement

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According to IRS's Publication 970, http://www.irs.gov/publications/p970/ch03.html#d0e3087, *you're out of luck unless you can prove that it is somehow related to a job. So find a part time hobby, that can pay you cash, start a small business <like real estate or tax prep>, and write it off or forget it. BTW: you have to at least break-even for this to continue working
I think the IRS term that distinguishes hobbies from business is "intent to make a profit". Actually making a profit is one way to show such intent; I believe the rule is 3 out of every 5 years, but I don't know if that's a formal rule or just a rule of thumb. Other things that are considered are a written business plan, separate business bank accounts, business licenses, proper payment of state sales and use taxes, accounting records, etc.

malakito
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Re: Hobbies in retirement
Old 02-11-2005, 08:36 AM   #42
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Re: Hobbies in retirement

Avid Golfer before and after.
Was really into Trains - collecting and a 4X8 layout in the basement, but it's an expensive hobby and haven't pursured it since retirment.
My next hobby, as I posted earlier, will be working for the Pittsburgh Pirates - home games only.
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Makin' Sawdust
Old 03-09-2005, 02:25 AM   #43
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Makin' Sawdust

Calling all woodworkers!

If I ever win the lottery this is where I'd spend it www.rockler.com

To me its like the LL Bean of woodworking...got everything but pricey and for the most part, not cheesy. Anyway its one of the few catalogs I get and actually look at every page before tossing it.

Point is, they are offering FREE shipping in March. To qualify, according to Woodworker's Journal, use promotional code V5740 at checkout.

...would like to hear "Git 'er done" replaced with,"Cut it up!"

Ahhh sawdust...the cats love it as much as I do!

BUM
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Re: Hobbies in retirement
Old 03-09-2005, 03:34 AM   #44
 
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Re: Hobbies in retirement

Shouldn't this post be under "Help in planing?"

JG
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