Helping You Connect the Dots to Succeed Faster
WGAN-TV: Now Playing
Next on WGAN-TV Live at 5
Free WGAN Map
Locations of Matterport Pro3 Camera Service Providers and see the number of Matterport Pro3s and/or BLK360s for each Matterport Pro.
View WGAN Map
Contact Info
Locations of Matterport Pro3 Camera Service Providers and see name, company, website, email and mobile phone for each Matterport Pro.
Join WGAN Sponsor
Get on the Map | A Service of We Get Around Network (not affiliated with Matterport)
One Order  |  One Quote  |  One Contact
Book Multiple GLOBAL Commercial Locations
  • ✔  As-Builts
  • ✔  Construction Progress
  • ✔  Facilities Management
Last 24 Hours: 187 Unique Visitors
9,204 WGAN Members in 149 Countries
Last 30 Days: 23,005 Page Views | 12,473 Unique Visitors | 28 New Members
We Get Around Network Forum
Quick Start | WGAN Forum
AdviceDeductionsExpensesQuestionsTax

Expenses vs Deductions and taxes14936

Jacksonville, Florida
thereal360 private msg quote post Address this user
Hello guys, so I started this endeavor last year and unfortunately, really couldn't do much in the wintertime, because of little light in the evenings.
That being said i invested like 2-3k into this business in tripods camera's this forum.... etc.
and made maybe $500 gross profit.

so the 2.5k loss... can I deduct this from my "regular" full time job income?

How does the "standard deduction" play into this?
I know nobody can give me tax advise, but some feedback would be nice!

Thanks Alex
Post 1 IP   flag post
Matt19 private msg quote post Address this user
Hi Alex,

Hobbies (losses) are not deductible. If this is business then the loss is deductible. Do some quick googling on what is business verses hobby. If business then you can deduct.

Standard deduction vs itemization has nothing to do with your loss, if that that is what you are asking. Perhaps you are talking about the standard mileage rate vs actual costs?

All that being said usually it is best to have a conversation so that the one giving advice is able to give you the correct advice. Peoples circumstances are unique so like you said I am disclaiming liability. It is hard to give good advice if you don't have the whole story.
Post 2 IP   flag post
103780 2 2
This topic is archived. Start new topic?