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Deductions & credits
'aged' products, like wine or bourbon,
Those are produced with a clear intent to sell and clear intent to make a profit. It's a business model.
Someone who collects things such as antiques and can not demonstrate a clear intent to sell and clear intent to make a profit are not "in the business" for that.
I myself have quite a number of antiques that are definitely worth more than I originally paid for them years ago. I did not acquire them with the intent to make a profit, and I would have a hard time convincing anyone otherwise. Therefore any maintenance or storage costs incurred for those items during my ownership would not be a valid claim for deduction.
‎April 22, 2021
7:11 AM