SPONSORS
2024 ICRBE EXPO |
Rod building taxes
Posted by:
Michael Markey
(12.178.27.---)
Date: March 10, 2006 01:02PM
I was just reading over the "Sportfishing Excise tax article" in the Library, and I have a question.
First I don't as yet build rod for sale. But I will build rod for friends for their personal use, and for charitable groups like my fly fishing club and such. They will either raffle or @#$%& off the rod. The components are purchased by the person I'm building for. Since the charitable orgs. have a charitable status I would like to use a value of services as part of my tax filing for charitable donations. My question is since I had paid no excise tax on these am I still entitled to claim the value of my services even though no money changed hands. I hope this is clear. Re: Rod building taxes
Posted by:
Anonymous User
(Moderator)
Date: March 10, 2006 02:00PM
If you receive compensation, you are in effect, selling the rod. Compensation can be a cash sale, donation that is used as a deduction on your taxes, barter, etc.
The tax is figured on the finished rod, not just your services or labor. The amount you claim as a deduction is the amount you would be liable for the tax on. ............... Sorry, only registered users may post in this forum.
|