Subject: Re: Writing off gear?
Paul Thomas, CPA wrote:
> If you are "in the business" of photography, then yes.
> Business income and expenses flow to Schedule C and related forms or
> schedules. Now, it's not as easy as just claiming "I'm in business"
> and taking the losses, as this isn't a septic pumping business. This
> activity, and others that carry a significant element of pleasure are
> highly succeptable to IRS scrutiny (an audit), especially if if you
> show losses. You actually have to turn yoru photography into a
> business (ie: work at it) by getting a business license, advertising
> (or otherwise marketing your photography for sale), and having more
> than one friend with a friend who might consider buying one of your
> pictures (ie: several clients). It would help establish your
> "business" if you were already published someplace before forking
> over tens of thousands in gear, travel and lodging for the
> opportunity to be considered for publication.
> If this is just a hobby or a casual sale of some photos, then no.
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