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denn6646
New Member

As a professional athlete with no W-2, can I add my annual expenses for equipment, coaching, travel, and registration fees for a tax return? Thank you

 
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DavidS127
Expert Alumni

As a professional athlete with no W-2, can I add my annual expenses for equipment, coaching, travel, and registration fees for a tax return? Thank you

Yes, you can deduct anything that is "ordinary and necessary" for you to conduct business.  This IRS website is a good overview of the rules for business expenses, and includes this language:

 

"To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary."

 

Note that some business costs are considered Capital Expenses, for which the deduction must be spread over a number of years.

 

Also, you cannot deduct personal, living, or family expenses generally.  However, if you have an expense for something that is used partly for business and partly for personal purposes, you can divide the total cost between the business and personal and deduct the business part.

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