So the accountant at work brought up something interesting.
Like me he maintains a home office that meets all eligibility of the home office tax deduction.
So he told me last year he wrote off three Prime 1 Studio statues and a XM Studios statue as "home office decor." I was shocked by this, but he showed me his return and (painfully lol) explained that people write off art they hang on the wall and other stuff, so why would there be a distinction between that and what we, as a community, consider art?
Wanted to get some of your thoughts on this. He took it off as a depreciation, not a straight deduction, except one of the Prime 1 Studio pieces. He has done this for three years and consulted with his uncle (IRS auditor).
Any idea fellow collectors?
Like me he maintains a home office that meets all eligibility of the home office tax deduction.
So he told me last year he wrote off three Prime 1 Studio statues and a XM Studios statue as "home office decor." I was shocked by this, but he showed me his return and (painfully lol) explained that people write off art they hang on the wall and other stuff, so why would there be a distinction between that and what we, as a community, consider art?
Wanted to get some of your thoughts on this. He took it off as a depreciation, not a straight deduction, except one of the Prime 1 Studio pieces. He has done this for three years and consulted with his uncle (IRS auditor).
Any idea fellow collectors?
