Price of camera be written off as business expense?

10 years 3 months ago #341081 by Eric A
 I'm sure this gets asked a zillion times around tax time, but if you buy a camera and it's used for your photography business.  Can you write off it's value or just a percentage of it's value.  How does that work? 


Appreciate the answer.

My Camera Bag:

Canon 7D | 50mm f/1.2 | 17-40mm f/4 | 70-200mm f/2.8 | 320EX | 580EXII

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10 years 3 months ago #341097 by garyrhook
You speak with an accountant that helps you set up your business.

That said, equipment is "written off" or depreciated over time; photography equipment is 5 years (I think, without looking). It's not like materials (goods), which you write off in their entirety each year.

For an sole proprietorship and schedule C on a 1040, there's also section 179. It allows you to depreciate the entire amount of a piece of equipment by counteracting income to the business, in the year in which the expense occurs.  For example, you buy a $2000 camera in 2014, and you make $4000 of income in 2014. You can write off the entire expense of the camera when you file your return for 2014.

But I'm not an accountant. Suggest you check with one, at least to get started and learn.


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10 years 3 months ago #341279 by digitalpimp
As Gary stated, speak to your accountant, they are going to know your situation better than any of us. 


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10 years 3 months ago #341327 by Francis
When it comes to taxes, always get your info from a pro


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10 years 3 months ago #341463 by Sawyer
Are you full time photographer?

Canon 5D Mark II | Canon 70-200mm f/2.8L IS USM | Canon 35L | Sigma 85 1.4 | Helios 44M-6 58mm(M42) | Zeiss 50mm 1.4 (C/Y) | Canon 135L | (2) 430EX II
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10 years 3 months ago #341467 by garyrhook

Sawyer wrote: Are you full time photographer?


What difference does that make? The relevant question is, "are you running a legitimate business?"


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10 years 3 months ago #341495 by Happy Hour
:agree:   any time things have to do with taxes, I always ask my accountant.   


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10 years 3 months ago #342091 by StephanieW
I plan on deducting the price of my laptop this year. I'll be talking with a tax accountant in the next few weeks (still waiting on a W-2 to arrive in the mail) and I'll be good to go. Yes you should be able to if you are running a business, but how is something that varies too much to really give a clear answer unless you are trained in that sort of thing. Keep your receipt and talk to an accountant.


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10 years 2 months ago #348345 by Stacy Craig
Getting good sound advise from CPA could save you $$ with fees from IRS


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10 years 2 months ago #348661 by Eric A
I appreciate all the feedback everyone

My Camera Bag:

Canon 7D | 50mm f/1.2 | 17-40mm f/4 | 70-200mm f/2.8 | 320EX | 580EXII

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