Re: Re: Re: Re: Tubas- Are they Tax Deductible?


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Posted by strategy on April 30, 2002 at 08:06:02:

In Reply to: Re: Re: Re: Tubas- Are they Tax Deductible? posted by It's the Tax Code! on April 30, 2002 at 06:45:04:

The smart player, upon becoming a professional, might well consider selling his or her original instrument and replacing it with one purchased as a professional. Because the original instrument was not depreciated, he won't recognize gain unless the purchase price exceeds the cost. With a professional's depreciated instrument, remember that if the price you receive for selling it exceeds your depreciated basis in the instrument, you will recapture the difference between the depreciation previously taken and the selling price as ordinary income


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