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I purchased new photographic equipment in 2017 for a new business. Can I deduct the cost of this equipment even though I have yet to earn money from this business?

Forum|Forum|7 years ago
June 1, 2019
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in 2017 I had two other jobs. One as an educational consultant and the second was as a high school teacher. I am now retired and am also collecting funds from a state defined pension. In essence, the deduction from the new photographic business (that has yet to produce income) would reduce my tax liability in my other sources of income. Is this permissible/ legal?

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Best answer by CathiM

As long as you were open for business and actively trying to make income in 2017 for your new business, you can deduct the expenses you incurred. Just keep records to show you were active, business cards, advertising, facebook posts, etc.

C

CathiMAnswer

As long as you were open for business and actively trying to make income in 2017 for your new business, you can deduct the expenses you incurred. Just keep records to show you were active, business cards, advertising, facebook posts, etc.