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My tax guy says that I have to show a profit every third year (or 3 out of every 5 years, or something like that). If I don't, the g-men consider umping a "hobby", and I won't be able to write ANYTHING off. That would mean declaring it ALL as income with no write-offs. And yes, I do show a profit three out of every five years, albeit a marginal one. Everything the previous eriters have listed is great - and don't forget your insurance costs on your gear, and hotel bills for overnight stays, etc....
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