Turn your hobby into a business and write it off:

http://www.bcentral.com/articles/anthony/225.asp

Has anyone done this before with ponding (selling Koi, etc.)?

(Oingofan) wrote:

Turn your hobby into a business and write it off:

Has anyone done this before with ponding (selling Koi, etc.)?

No, but I've tried with other hobbies, you have a limit (like 2 years)
to how many deductions you can take, before you have to show a profit,
or the IRS says "its a hobby" and disallows your deductions.

A hobby isn't a perpetual tax right off.

"Oingofan" wrote in message
om...
Turn your hobby into a business and write it off:

http://www.bcentral.com/articles/anthony/225.asp

Has anyone done this before with ponding (selling Koi, etc.)?

The key here is that you need to be starting a legitimate business. I have
seen many people burned because they thought they could write their lives
off their taxes. I am sure you could make some cash selling materials, and
write off your expenses, but don't expect to just turn your pond into a tax
deduction.

Disclaimer: I own my own business, and I aggressively encourage my
accountant to be conservative, in order to avoid causing a stir at the IRS.

BV.

Oingofan wrote:
Turn your hobby into a business and write it off:

http://www.bcentral.com/articles/anthony/225.asp

Has anyone done this before with ponding (selling Koi, etc.)?

Sure, but it's no longer fun - it's work.

--
Bonnie
NJ
http://home.earthlink.net/~maebe43/

Wayne wrote Turn your hobby into a business and write it off:

I've made $$ into four figures writing pond articles....... but DH says it is
better to classify my income as hobby income for tax purposes.


k30a

ESPMER (K30a) wrote:

Wayne wrote Turn your hobby into a business and write it off:

I've made $$ into four figures writing pond articles....... but DH says it is
better to classify my income as hobby income for tax purposes.

Personally, I'm hoping someone will offer me tens of thousands of
dollars, for a koi I bought as a baby for tens of dollars.

Until that happens, I'm not worried about taxes.