Anyone writing welders off on taxes?

[jsm11]

Going to try and write off around $4800 for schooling this year...
structural welding and pipe at the CC.

BIGGEST QUESTION:

Can I write off an engine drive welder and the other miscellaneous supplies and an educational expense that was needed for the class?

Cost on the new setup would be around $4-5k.....

Any idea how muc money I'd be getting back on an investment like this?

Thanks,
JSM

[DesertRider33]

Sure you can write it off as a business expense, if you're in business. You won't pay income taxes on the amount you write off.

If you're not a legitimate welding business and don't file taxes for your business, then I don't see how you could write off the welding equipment as an expense on your personal taxes. The education costs you should be able to write off as an education expense but not the welding equipment.

You should really talk to a tax consultant though, none of us here are tax guys, that I know of anyways.

[pyroracing85]

What he says... And if you are still in school I doubt you would be paying more than 5,000 in income tax to begin with...

[jsm11]

No, still working retail management and going to be just shy of 5k.

I cannot wait to be free of retail.

I'm hoping to get it all my taxes back.

[Rhyno]

Ask your accountant/ tax prep about a "Depreciation Schedule."

-Rhyno

[ggarner]

The only way I know of that you would be able to do that is if you took out a school loan and then bought the welder with your school loan (since they dont keep track of what you spend the money on). Then the payments that you make towards your school loan are a deductible once you start paying them back. I know when I paid my taxes this year I was able to write off the $3,000 that I paid off on my loan. But you have to pay enough in taxes to be able to get the full deduction that year, otherwise you have to file something to get it credited towards your next years 2010 tax return.