I'll see if I can find a reference for you. I was in business when the
changes were made but don't remember the exact time. It may have been part
of the 1984 tax code revision. I've destroyed too many brain cells. /jmac
-----Original Message-----
From: olympus-owner@xxxxxxxxxx [mailto:olympus-owner@xxxxxxxxxx]On
Behalf Of Chuck Norcutt
Sent: Tuesday, January 31, 2006 12:41 PM
To: olympus@xxxxxxxxxx
Subject: [OM] Re: [OT]Are any list members US Tax Accountants?
I'd like to see that written somewhere. The "about $100" value was
quoted to me by the IRS help desk in Boston by a woman claiming that,
although the IRS didn't really have any official cut-off, when she
worked as an inspector it was only things over $100 that would ever draw
any scrutiny.
But I'd be really happy to have it be $5,000. I wouldn't have to
depreciate anything.
Chuck Norcutt
James N. McBride wrote:
> The US tax code was changed many years ago to raise the dollar value
> requiring equipment depreciation. I forget the value threshold but
remember
> it being around $5000. You can do it for smaller items but the record
> keeping is a pain. It's much easier to just expense it. Photography is
> subject to the "hobby business" scrutiny but the IRS cannot force a
business
> to make money. They may make you prove that you are really running a
> business though. What they actually do depends on the agent processing
your
> return and it's very inconsistent. /jmac
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