Stock Photography Tax Tips, Tax Attorney Photo, Travel Tax Tips,
Tax Tactics
| Julian Block, a former IRS agent and tax attorney, is the author of "Julian Block's Tax Avoidance Secrets" ($29.95 p&h included, 560 pgs. Mention you are a PhotoStockNotes subscriber and receive the book for $19.95. 3 Washington Sq, Station 5, Larchmont NY 10538-2032). Julian can be reached on the PRODIGY (EXPT16B) bulletin board or join him in the Chatroom for a chat on Taxes on Monday nights at 10:00 EST. |
IF YOU SHOW EFFORT, THE IRS WILL BEND
Stella Waitzkin lived off inherited money, but considered herself to be a professional artist and deducted up to $40,000 each year for art-related expenses. The IRS objected that her lack of art-related income showed Stella had no profit motive - she just used those art deductions to shelter her investment income from income tax. Tax Court: Stella's strenuous efforts to exhibit and sell her work were enough to prove a profit motive. "Many artists have to struggle," said the court. Thus, she properly deducted as studio-space expense the rent paid on half of her apartment, two hotel rooms and a loft, as well as half of the use of two cars she drove between New York and Martha's Vineyard, where she often worked.
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