| Author |
Topic: Guitar dealer/players? |
Ray Montee
From:
Portland, Oregon (deceased)
|
Posted 1 Aug 2004 7:56 pm |
|
How many of you take in the regional and national "steel guitar shows" while traveling as "a dealer" in order to legitimately deduct it from your taxes?
Most of you with your multiple guitars and amps plus other odds & ends,(inventory) certainly qualify for such distinction, would you not?
I've been told that you really don't have to EARN any money but have to atleast put yourself in a position where you COULD earn some from sales or whatever to be so recognized by IRS.
The travel expenses and other legitimate deductions for meals, rooms, taxi, etc., would make such a title worthy of looking in to? |
|
|
 |
Jim Smith
From:
Midlothian, TX, USA
|
Posted 1 Aug 2004 8:13 pm
|
|
You don't need to be a dealer. If you file your music income on Schedule C as a self-employed musician, I'm pretty sure you can deduct attending steel shows as a business trip. After all, you're there to learn more about and purchase supplies for your business. 
Of course to file Schedule C, you have to show a profit for every three of every five years or the IRS will consider your business a hobby and declare your deductions as void. |
|
|
|
Ray Montee
From:
Portland, Oregon (deceased)
|
Posted 2 Aug 2004 7:31 am
|
|
| Thanks Jim. Appreciated |
|
|
|
Pete Burak
From:
Portland, OR USA
|
Posted 2 Aug 2004 7:55 am
|
|
You also have to keep the Insurance end of it in order.
There are different classifications and rates for hobbyist gear coverage and professional musician coverage.
You can be sure they will check it if you file an insurance claim. |
|
|
|
