No, what you paid for the piano is never deductible under any circumstance. If you are self employed and the piano is used in the production of income (and I doubt it is) and report your musical business income on SCH C, then the piano is a business asset that gets depreciated (not deducted) over time. Depreciation is never a permanent deduction. Depreciation is recaptured and taxed in the year you dispose of the business asset. So while it can be depreciated if used in the production of business income (and I seriously doubt it is) you will at some point be recapturing that depreciation and paying taxes on it in the year you sell or otherwise dispose of the piano.
