I have an extensive baseball card collection and other baseball memorabilia, such as autographed baseballs and photographs. I would like to achieve some tax deductions for these items. Could I decorate my office with these items and then depreciate them for tax purposes. (D.R., Scottsdale, Ariz.)
No. In Simon, the court said you depreciate property that suffers exhaustion, wear and tear, or obsolescence by its use in a business. This court noted that valuable artwork purchased as ... Log in to view full article.