Turning Archive 2004

Subject:
Tools & Taxes: More Than a Hobby?

Smoky Joe
>Long time reader; first time poster. (I guess that's what happens when you wake up at 5AM on a Sunday).

I've been turning for a couple of years, but it seems this is the year I have really been "accessorizing" my addiction. Of course friends & family generously praise my output. Assuming they are not merely being nice, their suggestions that I should try to sell my work is intriging. At the moment, I am still at the giving away stage (provided wife does not claim), but it might be fun to get some money from a stranger, which leads me to the question:

For those of you who do not turn for a profession, can woodworking expenses [legitimately] be written off as business expenses? I have some recollection that as long as you eventually (4 years?) make a profit, the write-offs are fine. If that is accurate, while the tax break this year would be nice, I worry the necessity of actually selling, at all let alone enough to cover my purchases, could take some of the fun from it all. BTW I still have to work full-time to support my habit.

I am NOT looking for specific tax advice, just trying to figure out whether I should seek it, as that idea greatly exceeds my comfort level with preparing them on my own. Any thoughts or experience would be welcome. And thanks to all of you that post pictures and describe your techniques. I have gotten alot of learning and inspiration from lurking!

Jeff

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