Posted by Brian Frederiksen on January 26, 2004 at 21:16:16:
In Reply to: Writing off a new horn posted by Poor Student on January 26, 2004 at 21:01:46:
I am not an accountant (but I work for one). The answer is yes, you can write it off but you need to ask yourself if you should. Say you create a tuba playing business and generated some income from it, you can write off the entire amount with section 179. Here's a kick - if you ever sell the horn you need to declare that income for capital gains - a lot of paperwork! Next, you need to generate positive income within 3-4 years or the IRS will term your business as a hobby and not allow it. Say you are in the lowest tax bracket, the most you'll get from it would be $300.
Might not be worth it.