Posted by Ryan W. Schultz on January 26, 2004 at 22:12:21:
In Reply to: Re: Writing off a new horn posted by Darrell Pugh on January 26, 2004 at 21:11:29:
I'm no tax expert either but you may be able to deduct it on schedule C under supplies. BTW my accountant said that although the IRS can technically go after you for having a hobby instead of a business that in his experience they never do. In fact one of his clients claims a loss on his business every year. The best thing to do is spend a few bucks and speak to an accountant--that way s/he's responsible for the decision not you or us Tubenetters.