[HUG ] Re: SV: Re: On the subject of equipement cost
So True But you guys get to deduct mortgage interest from your income and we cannot unless you use a portion of your house to run a business and then only the percentage of the space used for business. 

Franc
BTW does anyone know what mount the body will be and has anyone seen a price on the S2, I think it'll need to be under $20K for the base kit to compete with the H3DII kits.
----- Original Message ----- From: "Frank Filippone" <red735i@xxxxxxxxxxxxx> 
To: <hasselblad@xxxxxxxxxxxxx>
Sent: Wednesday, October 15, 2008 3:48 PM
Subject: [HUG ] Re: SV: Re: On the subject of equipement cost




In the USA, You must be trying to run a business.... with verifiable
"things" that you do to maintain a business.... Then and only then can you 
deduct your costs.... and yes, from your other income if it is a loss.

Buying a $75K Hasselblad or Leica S2 system, taking it off the taxes and
then doing absolutely nothing to actually run a business  ( real
advertising, some jobs, maybe a few customer meetings) will get your
deduction dumped if you get audited.

The trick it to run the business at a zero, or, better yet, $1 profit a
year.... and then run it forever......  Then you can buy a $75 Blad system
and they can not complain...... as long as you can show you used the
equipment in earning the revenue.......

I think our Tax guys are more intolerant.........than the Canadians......


Frank Filippone
red735i@xxxxxxxxxxxxx

I wouldn't call it tax paradise but Revenue Canada calls them part time
businesses (not hobbies) and any expenses that are incured business
activities are tax deductible. Losses are tax deductible from other income. 

In Canada a person must declare income (and losses) from all sources on
his/her personal tax form.

Franc




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