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Writing off gear?
In rec.photo.digital Carlo Coggi wrote:
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 vacation. -- Thomas T. Veldhouse Key Fingerprint: 2DB9 813F F510 82C2 E1AE 34D0 D69D 1EDC D5EC AED1 |
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