Question by Drew: Can I write off cameras/camcorders for freelance gigs even though I made no $ in it?
Last year, I wrote off a digital SLR camera and equipment to start freelancing photography. It didn’t go so well so I stopped doing that. But this past year, I got into independent filmmaking so I had to purchase film equipment like cameras, audio, etc. I haven’t made any $ from that either but am I safe to write it off? Hopefully I’ll make some $ next year doing this. Any help would…well, help. Thanks.
When the IRS allows up to three years for it to consider as it a hobby, does that appliy to one specific hobby or does it lump everything into hobbies in general?
Answer by J R
You have up to three years to show a profit from a business, after that it is considered a hobby. Film a friends wedding or birthday party dirt cheap to show an attempt at profitability.
What do you think? Answer below!