Collectibles displayed at work... business expenses?

blaze42

Consultation room at work. Any different than buying a piece of artwork etc?

Teknobailey

Depends... is the business about collectibles?

blaze42

collection is for decorative purposes

Teknobailey

Then no, I'd say if would be fraud to claim them as a business expense.

If you owned a card shop or something, and wanted signs, auto baseballs, etc to display, then yeah, it could be a business expense for advertising purposes.

blaze42

If you go to any high priced lawyer, check out the decor...
If I decorate the room with objects of art...aren't they business expenses, what's the difference?
I obviously have no expertise in this area and am asking...not telling...but it sure seems that certain businesses can expense things that others can't.

Teknobailey

I suppose you're right.

Seems like you've got your mind made up :-)

bifff257

<< <i>If I decorate the room with objects of art...aren't they business expenses, what's the difference? >>




<< <i>...but it sure seems that certain businesses can expense things that others can't. >>




I think you would be fine unless you get audited!!!!!!!!!!

blaze42

at the risk of beating a dead horse.
The question starts with an assumption that an object of art used as decor is an allowable expense. Am I wrong?

Downtown1974

Hmmm, reminds me of the time I changed the "decor" of my living room. I took down a painting that hung over our sofa and replaced it with a nice picture of the Polo Grounds. When my wife saw it, she used many words to describe it, but "object of art" wasnt the phrase she used.

So to answer your question, if you do get audited, make sure he/she is a sports fan.

Griffins

I think it's no different than any other piece of artwork, but it would be the property of the business, and when sold would be dealt with as such.
However, no matter what advice you get here it means nothing. Follow whatever your CPA tells you, and if you don't have one get one- they pay for themselves many times over.

CreeperKat

Just a word of advice when displaying collectibles at the office. My office uses flourescent lighting which is on pretty much 24/7. I read some stories about how this causes fading in cards, autographs, pictures, etc. Sure enough, I looked at some of my items closely and could see some fading starting to happen. Just a word of caution.

mtcards

If you own the business, then yes you can claim it. You can claim virtually anything as long as you can show a hair of relevance towards the business. If you do not own the business, then it would be a stretch for YOU to claim it unless the employer files a special paperwork that you can deduct against the cost, even if it is just decoration

cravetopps

definitely not tax deductible. It is not considered a depreciating asset nor would it be considered a necessary and reasonable expense for your business. Plenty of businesses purchase fine art and display it. They cannot write it off, however, unless they lease it. Check with your CPA, don't take my advice. Better yet, call the local IRS regional office and ask them.

stown

<< <i>I think it's no different than any other piece of artwork, but it would be the property of the business, and when sold would be dealt with as such.
However, no matter what advice you get here it means nothing. Follow whatever your CPA tells you, and if you don't have one get one- they pay for themselves many times over. >>

blaze42

thanks.., my CPA says it's OK, but I figured I would poll the brain trust here. My office has a baseball theme. with a reef tank with custom cabinetry that has baseballs and bats built into it. Framed WS and AS programs as well as TSN from the 30-50's line the walls... My consultation room is kind of a shrine to baseball and the opening of the HOF. Most patients get a tour.

The observsation that fine art is only deductible if leased is news to me and I will check into this matter.

An IRS agent /patient of mine said she "would get back to me" about it but never did. And all the while, I'm playing Scarlett O'Hara and will worry about it tomorrow.

Thanks again, all

jmbkb4

<< <i>thanks.., my CPA says it's OK, but I figured I would poll the brain trust here. My office has a baseball theme. with a reef tank with custom cabinetry that has baseballs and bats built into it. Framed WS and AS programs as well as TSN from the 30-50's line the walls... My consultation room is kind of a shrine to baseball and the opening of the HOF. Most patients get a tour.

The observsation that fine art is only deductible if leased is news to me and I will check into this matter.

An IRS agent /patient of mine said she "would get back to me" about it but never did. And all the while, I'm playing Scarlett O'Hara and will worry about it tomorrow.

Thanks again, all >>



I would trust your CPA and/or tax attorney before you trust what the 'experts' on here say.

Of course, I'm also asking you to trust my advice to trust your attorney.

Griffins

And FWIW, I"ve gotten conflicting answers from the IRS. I think they are as baffled by their code as everyone else is.
Wouldn't hurt to shoot a picture of your office with the decor (turn on the date stamp) but if your CPA is good with it so should you be.
I buy prints, furniture, etc for my office all the time, not sure how this would be any different.

bigtec9

You can deduct them as a business expense,however,when you sell them if you do then its going to have to be declared and they will tax you at the excess over the base price,that is the original purchase price. But yes it doesnt matter what business your in it is deductible.

CDsNuts

You guys pay taxes? Suckers.

Ironmanfan

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