Subject: Re: Writing off gear?
In rec.photo.digital Carlo Coggi
> I am an advanced amateur photographer and will be taking an 'extreme
> adventure' vacation this summer. A friend of a friend is editor of a
> well-known travel magazine who heard about my somewhat unique vacation
> and said that the magazine would be interested in seeing a spec
> article/photos about the trip.
> Business/Tax Question:
> Two months ago I sold my Canon 10D and bought a 30D and some related
> camera gear. If my photos and text are accepted for publication, can I
> then form a sole proprietorship or corporation and *retroactively*
> write-off the cost of my gear and trip?
You need to ask a tax advisor about this. Any advise offerred here is not
valid, and in fact, can be of legal consequence.
Having said that, I suspect, that the only way you can write any of your gear
off is if you purchased it solely as part of your business. There are a lot
of rules and regulations in tax law that limit your ability to do this, so you
really need to see a tax advisor or financial advisor on this subject.
Personally, if this is just a 1-up venture, then just take the income and pay
your taxes and be happy you got the chance to earn a few extra dollars on your
Thomas T. Veldhouse
Key Fingerprint: 2DB9 813F F510 82C2 E1AE 34D0 D69D 1EDC D5EC AED1
View All Messages in rec.photo.misc
Writing off gear? =>
Copyright © 2006 WatermarkFactory.com. All Rights Reserved.