Can pro triathletes use bike purchases, equipment purchases, race travel costs, etc. as expense deductions when filing their income tax? Do you have to have a pro card? Or do you have to have the card + have made $ in races the past year? I assume it’s more than just a pro card, unless when getting it you fill out a I-9 and W4 (I think it is…) in the process. Hopefully I’ll know in a year or 2. I’m trying to find a way to not let uncle Sam screw me as much on this years income tax…would be nice to write of my new Kuota and Zipp 808s 
Thanks
As far as I understand, if you earn taxable income, you can write off purchases towards that income. Doesn’t matter the card or not. The IRS doesn’t care what USAT regulates… but you have to earn taxable income. Race winnings, sponsor money, appearance fees, etc, all have to be claimed as income first, then you write off the expenses.
So yes, you can write it all off as an expense towards earning your income. I have no idea if there is a limit, like you won 10,000 and spent 10,000 if you can write off the entire thing…
any CPA’s want to chime in here?
Why are you so greedy? You think that Messiah Obama and his friends for a second would hesitate to pay taxes on their income? 
Never said I wouldn’t pay taxes on my income… just looking for ways to pay less/get a bigger return. Just cut my work hours down 25% to chase the pro card dream, I need all the spare change I can find right now.
You can certainly deduct (a better word in this case than write-off) your expenses to the extent of your winings.
You would be subject to what is refered to as the Hobby Loss Rule. If you don’t make a net profit in 3 out of 5 years the IRS considers it a hobby and not a business. In order to offset a net loss against other income it must be a business, not a hobby.
You may want to talk to an accountant.
It has been over 20 years since I took a tax class but as I recall, to qualify as a business and not a hobby you have to show a profit after something like 5 years. If it is a business you can write off loss against ordinary income but if a hobby you can only write off against the hobby income.
Of course, this all dates from back when the most famous Clinton was George.
Yes you can deduct expenses. Be prepared to have any prize money taxed at around 40%. It’s going to be hard to prove that you intend to make a profit as a non-pro though.
As far as I know, under the hobby rule is that you can’t deduct from income other than what was deemed the hobby (IE: can’t lower your adjusted gross income of your day job)
Another problem is that any legal expenses and CPA expenses and paperwork headaches will offset any savings of trying to write off a bike frame and wheels. My lawyer is $235/hr and my CPA is $160/hr. It adds up.
I’m not a tax professional, but I would imagine a coach would be able to deduct their triathlon expenses?
As others have said, you can deduct from prize winnings but need more than a pro card to deduct from ordinary income. You need to be able to argue that you are engaged in the sport for the purpose of making a profit. Turning a profit in three out of the last five years is a guideline but does not guarantee or necessarily exclude a deduction.