I'm a full-time professional orchestral musician (W2). I purchased an instrument in 2016 for $18,500.
How do I decide the best (or correct) way to deduct the expense? I think I am allowed to either deduct the total or depreciate over time.
Additionally, because the maker has retired, it will appreciate. Does depreciating pose any risk to its future appraised value?
Does either option have implications if I were to sell it years later?
Thanks!
