Creatives and the US Tax Code

9 years 6 months ago #407283 by garyrhook
This is interesting:

www.hypebot.com/hypebot/2014/10/new-us-t...p-indie-artists.html

It will be nice not to worry about a "profit" any longer, at least in the short term.


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9 years 6 months ago #407286 by John Landolfi
Very interesting, indeed!:goodpost:


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9 years 6 months ago #407366 by Howard T
"make money in a very different market" - isn't that the understatement.  


Good post, thanks for sharing.  


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9 years 6 months ago #407484 by KENT MELTON
I wish that wasn't the case, but it is. :(


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9 years 6 months ago #407553 by Allen D
The key -



"What does this mean for artists as a whole? Well, for those artists who are truly engaging in a business with the intention of making a profit, whether or not you in fact can show a profit at the end of the day is not the ultimate question. Rather, the tax courts will examine a number of factors, including the manner in which you conduct your business activity, the time and effort you put into it, the expectation of appreciation in value for your art, your history of income or losses, and the amount of occasional profits you receive for your art, among other factors."


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