Question

I have an extensive baseball card collection and other baseball memorabilia, such as autographed baseballs, signed jerseys, 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?

Answer

No. In Simon, the court said you depreciate property that suffers exhaustion, wear and tear, or obsolescence by its use in a business.1

The court noted that valuable artwork purchased as office ornamentation is apt to ... Log in to view full article.