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Writing off gear?



 
 
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Old May 22nd 06, 06:04 PM posted to rec.photo.misc,rec.photo.digital,rec.photo.equipment.35mm,rec.photo.technique.art
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Default 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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