Is a team basketball team or bowling league a tax write off?

Answer 1

Joel,

First of all lets get one thing clear. There is no such thing as a tax write off!!!!!

If you are in the business of entering basketball tournaments or Bowling Tournaments, and incur expenses directly related to the conduct of entering into these tournaments, than such expenses are deductible. The fact that you did not earn any income while participating in these tournament is irrelevant. You must have a business purpose that you can show by way of solid example or other proof that entering such tournament are for business purposes,( i.e. Golf Professionals), otherwise, the big red flag will be that the IRS may or most likely will reclassify such activities as a hobby-after five years, and make you refile your tax returns, and hit you with penalty and interest. I would consider incorporating such an entity, and definitely consult a tax specialist, AND PLEASE DONT NOT ASK YOUR BROTHER-IN-LAW OR ANYONE AT H&R BLOCK for advice. You need professional advice.

Answer 2

The Boston Celtics are the greatest team in NBA history. Their 17 championships sufficiently prove this point. I also believe the fact that they all came in the same city adds to the lore or the Celtics franchise. In head to head matchups they have dominated the Lakers. As you pointed out, the Celtics lead the series 9-2. That is extremely one sided. From '57-'69 the Celtics owned the NBA. The Celtics won 8 straight chapionships, and 11 out of 13. The Lakers have never approached that level of dominance. The Celtics were the NBA. I realize that was a long time ago, but it doesn't make it any less significant. While the Lakers have been consistent in staying competitive, greatness is ultimately judged on winning championships. The Lakers went 18 yrs ('54-'72) without winning a championship. Getting to the finals is a nice feat, but the Celtics have made the most of their opportunities going 17-2 in championship appearances. The reason the Celtics had such a long drought is they experienced a severe patch of misfortune. Obviously the untimely deaths of Len Bias and Reggie Lewis had a lot to do with the Celtics troubles. I wouldn't put it in the same category, but Bird's back trouble also played a factor. The Lakers are a great franchise obviously. I actually respect a lot of the players from those 80's teams. I will give them the award for most consistent franchise. Their ability to produce winning season after winning season is very impressive. However, true greatness isn't about being consistently good. To reiterate my earlier point, it's about winning championships. Plain and simple.

Answer 3

If you are sponsoring the team or sponsoring the league, it may be deductible to you as advertising if you run a business, but not if you are talking about personal expenses you have paid to be on the basketball team or in the bowling league.

Answer 4

If you are participating, no, it's a personal expense.

If you're a business sponsoring a team, some or all of your expenses could be deducted as advertising expenses.

Answer 5

No, that's a hobby. At best, you could deduct expenses to the extent of any earnings from the activity but that would be it.