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Discussion in 'Archived Threads 2001-2004' started by John-D, Mar 29, 2001.
The cited thread raises the question of using our HT hobby as tax deduction. After a fair amount of discussion, the thread author abandons the notion as a viable option for most of us. Bottom line: Merely building your own sub (or other HT components/furniture) will NOT qualify anyone for a tax break.
From the cited thread, the only scenario that made any legitimate impact tax-wise was for the hobbiest who is actively selling the results of their efforts (such as doing HT installations for others for a fee or offering HT "advice" for a fee, or perhaps selling the subs they make over the Internet?) :>) and therefore has HT-hobby-related income to offset HT--hobby-related expenses.
Deducting DIY expenses without offsetting income and the expectation of future profits (where income EXCEEDS expenses -- on a regular basis) :>) is probably a good way to get audited. (So if you're looking for "quality time" with a government bureaucrat, that might be the way to go.) :>)
Going to prison over this might give a different meaning to buttshakers.
"Going to prison over this might give a different meaning to buttshakers."
"Never underestimate the Powah of the Dahk Syhde..."