Subject: Re: Writing off gear?
"Rita Ä Berkowitz"
> 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
>> 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.
Yes. The key to his statement above is, if he has an income to begin with,
then he may be able to write the equipment costs off on it. but if he is
operating a hobby, then there is no income to write anything off against.
first, you have to earn something using your equipment, then you can write
off it's cost. If you make your living as a tinker, tailor, or candle stick
maker, then you can't write off your cameras against your income, even if
you do make an odd dollar or two from your pictures. You can only write off
your photographic equipment against income you earn through photography.
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