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Keywords: 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. |
Studio Improvements
Q. I received a refund on my Form 1040, plus some interest. I know the refund is not reportable income, but what about the interest?
A. The interest is taxable, just the same as interest from a savings account.
Q. I own a studio in which I leased studio space to another photographer last year. Since then, he has made substantial improvements to his studio. Do I have to report the value of these improvements as part of my rental income?
A. No, provided the improvements are not a
substitute for regular rental payments (Internal Revenue Code
Section 108). But you get no depreciation deductions for the
improvements as you did not pay for them yourself.
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