Any accountants out there?

Discussion in 'Archived Threads 2001-2004' started by Mike LS, Sep 13, 2002.

  1. Mike LS

    Mike LS Supporting Actor

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    I have no clue what forum this should go in, but it's connected to equipment purchase so I thought I'd start here.
    I plan to seek professional help here, but thought someone might be able to chime in and clue me in.
    I'm helping some out of the country friends assemble and install a theater. They live in the Bahamas, so there's no "local" places for them to buy equipemnt, so I'm handling the purchase of things as well.
    They're planning on wiring money to me to cover my expenses. I'll transfer that money to my credit card and make my purchases from that. This money transfer will take place from a US bank to my bank, so there's no international problems, but I wondered if there are any tax hang ups with doing this?
    Over all, I'll probably wind up receiving close to $10,000 and all of it is going to be used for equipment purchase. My compensation is coming with the free trip to install it [​IMG]
    Anybody familiar enough with tax law to give me any feedback here?
     
  2. Steve-sas

    Steve-sas Agent

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    No tax issues. Just make sure that you keep records of where the funds came from and what you used them for. This could only become an issue if you were ever audited and the IRS wanted to declare this as unreported income. If you have the records this will not be a problem
     
  3. Michael Roderiques

    Michael Roderiques Stunt Coordinator

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    One question

    How are you going to get the equipment to the Bahamas?

    I would recommend the use of great caution here.

    I have worked with a couple of high end dealers in the Bahamas, so I don't buy the none available.

    Equipment is very expensive, so is shipping.

    Import taxes are 100% of market value in the Bahamas.
    The customs people are smart, they see you bringing in a full system, you gonna have some splainin todo.
     
  4. Mike LS

    Mike LS Supporting Actor

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    So as long as I can account for the amount I recieved and document that every penny was spent, there's nothing to worry about?

    As for getting the equipment into the country....that's not my problem. I'm transporting it to Ft. Lauderdale and dropping it off at an air freight company that they use for all heavy shipping and it's in their hands. That is all going to be arranged by my friends down there.

    The guy that's financing this venture owns an electrical supply house, so he's knows the ropes of getting material from the states.
     

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