Our HT Gear A Tax Writeoff???

Discussion in 'Archived Threads 2001-2004' started by Jack Smith, Feb 24, 2002.

  1. Jack Smith

    Jack Smith Agent

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    I've purchased a lot, I mean a lot of HT gear this year, including amplifiers, speakers, cables, line conditioners, surge protectors etc., and use my HT to screen rough & fine cuts of films (vhs & DVD dubs) in my job capacity. Add to that the advice many of us give to fellow HTer's online, is that advice considered "research" under the tax codes? If so, do the various software and hardware materials we purchase, use, and dispense "wisdom" about, come under some type of tax deduction clause? Just wondering since it is getting close to that time.

    We are the borg...
     
  2. Michael Reuben

    Michael Reuben Studio Mogul

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    Moving this to After Hours. A previous discussion of deducting hobby-related expenses may be found here.
    M.
     
  3. Chris Beveridge

    Chris Beveridge Second Unit

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    I've never used any software. I'd rather spend the hour with my consultant and make sure both of us are engaging each others brains for various things to deduct.

    Suffice to say, I was glad that I could put 6K worth of discs, a new library in the home office, two DVD Players and a whole lot more as deductions this time around. With the net economy as it is, gonna need everything I can get to try and break even and keep the site running for another year.
     
  4. Doug R

    Doug R Supporting Actor

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    If you use them in a job capacity (ie: to earn a living), it's my understanding that at least a percentage of the purchases are deductible. For instance, if you use your HT stuff to watch movies for personal use as well you'll have a hard time explaining why you wrote off 100% of the items.
    I write computer game strategy guides for a living and write off computer purchases, equipment, and even games (research).
    Now I just need to get a second job writing about HT stuff [​IMG]
     
  5. Tony Lai

    Tony Lai Stunt Coordinator

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    I write for a DVD website. In that case, HT purchases can be written off. Do that.

    T.
     
  6. Greg_R

    Greg_R Screenwriter

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    The equipment writeoff can only be used as a deduction against the income derived from the employment that used it. For example, if you review part time & got paid $2k for the entire year, you couldn't deduct $10k worth of equipment.
     
  7. KyleS

    KyleS Screenwriter

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    Greg,

    Correct me if I am wrong but I thought you could write of the equipment from your personal taxes if you were using your personal money to support the business in some way. Especially considering the fact that they probably used "personal" money to buy these items for the business??

    KyleS
     

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