genoyamamoto 0 #1 January 7, 2005 If so, how? Do you have a company? Do you deduct personally? What exactly do/can you deduct? Also, i'm in a situation where I had a bunch of camera gear before 2004 that I used when I was a whuffo. Now it's being used for skydiving. Can part of the cost of this equipment be deducted? Gotta go... plaything needs to spank me Feel the hate... Photos here Quote Share this post Link to post Share on other sites
DaGimp 0 #2 January 7, 2005 from what i understand if you work and get paid....with taxes being deducted....with your equipment then it is a work related expence and can be deducted.....like since i work for my DZ and get a pay check with taxes taken out then all my skydiving gear and photography equipment is deductable...now how....thats for the people doing my taxes to figure on how to write it up."Professor of Pimpology"~~~Bolas Quote Share this post Link to post Share on other sites
FlyinseivLP2 0 #3 January 7, 2005 If you are doing your own taxes it is pretty simple to do in turbo tax. You just don't need to create a company, you are just doing work as an independent contractor. You can write off any gear you have purchased during the year. Also can write off any other related expenses ie. film, tapes, rigging work ect. Quote Share this post Link to post Share on other sites
boyfalldown 0 #4 January 10, 2005 QuoteIf you are doing your own taxes it is pretty simple to do in turbo tax. You just don't need to create a company, you are just doing work as an independent contractor. You can write off any gear you have purchased during the year. Also can write off any other related expenses ie. film, tapes, rigging work ect. A CPA can be a great investment if you plan to write off you camera related expenses. While you can depreciate your previously purchased gear, you need to be careful not to show too much of a loss too many years in a row. If you show too great of a loss ( depreciate cameras and rigs and write off all your jumps and travel expense while showing little to moderate income) while also showing substantial income from another source (job) the irs may view your camera work as a "hobby" making it ineligable for those kinds of deductions. If you get audited and that happens they generally look back in to past years and ask for their money back. Quote Share this post Link to post Share on other sites
ChasingBlueSky 0 #5 January 10, 2005 You can also write off a portion of your non-work jumps as training for the job._________________________________________ you can burn the land and boil the sea, but you can't take the sky from me.... I WILL fly again..... Quote Share this post Link to post Share on other sites
