Discussion:Photographers & inventory
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Discussion Forum Index --> Tax Questions --> Photographers & inventory
Rbergercpa (talk|edits) said: | 14 June 2006 |
| Situation - A photographer who has never reported an inventory on his tax returns.
Should he be inventorying his work? Is it proper to just deduct all his costs? He is quite successful and has an outside lab do his printing and framing. Does any one have some specific experience in this area or is currently working with photographer clients and could share some information on this. | |
| 15 June 2006 | |
| Doesn't Sec. 263A(h) provide that free lance photographers are exempt from the unicap rules? | |
Rbergercpa (talk|edits) said: | 20 June 2006 |
| 263h provides an exception for "qualified creative expenses". My client seems to have crossed over the line by becoming quite successful and producing prints in a significant enough quantity that the "qualified creative expenses" exception doesn't seem to apply. | |
| 23 October 2007 | |
| I think you are indicating that there are some direct costs that could be inventoried and I have the same question regarding an artist. There does not seem to be much research available on this subject, but should be a question that all preparers with artists and photographers have to deal with. Do we have to determine whether there are significant pre-paid materials and supplies used in the final product for sale that is on hand at the end of the year? | |
TheTinCook (talk|edits) said: | 23 October 2007 |
| Artists can deduct all expense in current year? | |
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