tax question: switching over from hobby to business?
Sell your equipment to your brother, sister, neighbor, etc. this year. Give
'em a loan to purchase. Start your business next year, Buy equipment from
brother, sister, neighbor, etc.
An accountant is going to tell you that it is difficult to go back. The
above gives you a current year paper trail. Don't give your accountant to
much information - he don't want to know.
Karl
|