View Full Version : Camera equipment- Tax Deduction
16th of June 2008 (Mon), 17:28
Any of you out there aware of when is a business a business? I was wondering if my camera equipment that I bought this year would be tax deductible and if it the depreciation could be realized too?
16th of June 2008 (Mon), 18:15
You are considered a business by the Federal government after you make $3000.00 in a year. But I would talk to a CPA if you are going to start claiming the depreciation value on your equipment. I believe the PPA might have some great info on that.
16th of June 2008 (Mon), 21:12
discussing w/ a CPA is the way to go...i think i've heard that you need to show profitability in 3-4 years in order to qualify for tax breaks. . . i decided i didn't need an audit to save some dollars....
17th of June 2008 (Tue), 02:14
When I had my taxes done this year, I asked my accountant the same question. He asked me if I was treating it like a business with the goal of making money or is it just a hobby.
Do you have a business checking, web site or a registered business name? Most businesses do not make money the first year, so that isn't the only criteria. I think that he said $3,000 within 3 years or something like that.
As stated earlier, speak with a professional.
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