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Subject: Re: Writing off gear?



Jerry L wrote:

> Income tax write-offs: generally, if you have income to buy
> equipment, you must also put the income into your income taxes. That
> includes a sum of $$$s for self-employment taxes and social security
> taxes. If, after gifting the I.R.S. some of your money, the I.R.S.
> is kind, you may be able to 'write-off' a portion of your equipment.
> The travel part of your trip is a different story __ adding to the
> fact that you hope to 'be a business' after the spending for a cruise
> trip.
>
> You need to find a good tax accountant and listen to what he/she has
> to offer.

The answer to his question is *NO* he can't. If he bought this equipment
for personal use, which he did, then he is stuck. If he bought the
equipment to be used for his "photography" or "eBay" business than it is
figured into the equation. Of course, he will also be able to back up all
claims if/when he gets audited.

I agree, consult an accountant.







Rita


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