Quoted:
Quoted:
Careful..........talk with your Tax Advisor/CPA.
Then, KNOW that some large items must be depreciated over a number of years. And, there is surplus/recovery costs (sorry, not the correct wording) that might have to be added back.......talk to a Tax Advisor/CPA.
Just imagine.....some sufff, is totally consumed. Some stuff, even though it's old will still have value at the end.
What's necessary for the job (that your employer doesn't provide) vs. what's just nice to have, are two different things.
HTH.
Aloha, Mark
So if I buy a AR15 type rifle and magazines to train with for work I can't write it off ?
1981
Talk with your Tax Advisor/CPA.
I talked to mine way back when. I figured, I would/could write off some ammo, a couple of ARs, back up pistols, scopes, night vision, extra training (in far away locals), uniform equipment, etc........
He said more or less...........
Think of your "tax write off" like as if you were running a business. Say, you get an IRS Tax Audit...........
Can you justify the need for the purchase?
Does the employer "require" it?
Is the equipment/training needed for your continued employment?
Does your employer provide and/or have available for your use the same or relatively same equipment/training?
Not talking about job change or promotion but, will the equipment/training help you make more money at your current job (so, the IRS can get more taxes
)?
Was it a long term asset or consumable (small tools) purchase?
Are you planning on depreciating the large asset (over how many years) or will you completely write it off in a single year?
How much use.......is it really for the job vs. for personal/hobby use (what %)?
And, when you upgrade or sell equipment, there is a "surplus value." How you deal with the "surplus value," is another accounting transaction.
Course.......that's from my memory. And, there are probably a lot more nuances to those questions. If not, entirely different questions to answer.
So, it all depends on your particular situation. Your being able to justify the purchase. And, how much risk you're willing to take with the IRS. And even if you're audited, the auditor's opinion can vary.......so, YMWV.
As an aside: I hear, that a Hollywood actor/actress can write off a plastic surgery, beautiful clothes to wear, meals w/ the in crowd, etc....... After all, it's all part of their "business." They're constantly looking for their next multi-million dollar movie role and they have to maintain an "image" while on their job search.
HTH.
Aloha, Mark