Camera equipment- Tax Deduction

[mjvincent]

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?

[Lunajen]

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.

[narlus]

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....

[tedscastle]

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.