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Thomas Hawk
Can You Deduct That Brand New Canon 5D Mark 2 on Your Taxes If You Sell a Few Photos? Tax Tips For the Part Time Photographer - http://thomashawk.com/2009...
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March 25, 2009
from Thomas Hawk Digital Connection
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Carlos Lopez, Mrsth, TranceMist and 15 other people liked this
Off topc, but that picture looked like it said Unicorn Tax when it scrolled past in my real time feed :)
- Simon Wicks
I think you can deduct it. Is he saying that you have to wait 3 years?
- Shevonne
"In the eyes of the IRS, it is a business when it is ran with for-profit motive. The test that is typically used to determine whether it is a hobby or a business is the level of profitability. If the business has been profitable (generated more income than expenses) for 3 out of the last 5 years, it is a business, and if in the current year taxpayer has a net loss when items of income are netted against expenses, that loss can be used to offset other income."
- Thomas Hawk