By topic: Antiques
Is a $10,000 antique chair deductible as an ordinary and necessary business expense? Would the tax law deem it a non-deductible lavish and extravagant asset? Good news: it qualifies as an ordinary and necessary depreciable asset, as explained in this article.
How does the tax law treat the classic or antique car when you use it for business? Can you deduct it just as you would any car you use in business? Learn how some tax law changes enabled the classic or antique car as a business asset and why that can work to your advantage.
You really should consider antiques when furnishing your offices or buying a unique second business vehicle. Unlike regular furnishings and vehicles, well-selected antiques increase in value. Also, you can depreciate or even Section 179 expense them. When you run the after-tax numbers, you can easily find that an antique will yield 36 times more after-tax cash than a non-antique.
If you invest in gold, stamps, or antiques but you don’t know the tax rules governing collectors, you’re probably falling into costly tax traps that you could easily avoid with tax knowledge. When you put yourself in position to improve your tax situation, you put more money in your pocket (which gives you more money to build your collection). Read this article to discover how you can deduct your collection expenses and also minimize your taxes when you sell your items for a profit.
You are right to worry about the hobby loss rules when a business fails, because those rules would give you no tax deductions for the failed business. But if you worked at the business, kept decent records, and tried to make money, you had a business, and that business failure would produce tax deductions as explained in this article.
Antique desks, clocks, cabinets, bookcases, rugs, conference tables, paperweights, and even cars can add character and beauty to an office. Antiques also make a great investment because they appreciate in value. And here’s one more neat thing about antiques: you can expense them under Section 179 of the tax code if you (1) actually use them to conduct business; and (2) such use causes wear and tear to the antique.
How does the tax law treat the classic car when you use it for business? Can you deduct it just as you would any car you use in business? Learn how some tax law changes enabled the classic car as a business asset and why that can work to your advantage.
The proper tax deduction treatment for decorating a business office with a baseball card and memorabilia collection comes from the courts in their decisions on depreciating antiques.
Furnishing your office with antiques can actually make you money. Instead of buying new, depreciable furniture, furnish your office with antiques. Though they have a higher price tag, they can yield 36 times more money than new furniture.