I set a goal about 10 years ago that I wanted to play professional golf. Over the last 10 years I have worked to build a couple small businesses as well as working on my game. I have never deducted any of the expenses as it related to golf as I was certain that it would be considered a "hobby". In addition, I have never quite understood the line that separates a professional and amatuer. It has been a long 10 years but I am finally at a point that I can step back from running the businesses day to day and play golf fulltime. I have several questions:
At what point can I consider and justify that it is my intent to play golf for a living and thus deduct appropriate expenses?
What would be appropriate expenses? club memberships, green fees, trainers, teachers, travel etc??
Do you have to 1099 trainers, teachers?
Can I recapture significant expenses or somehow benefit
from the significant investment I have made over the last 10 years?
How do professional golfers file? LLC
Thanks - hoping someone can give me some insight into this topic.