Re: Writing off a new horn


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Posted by Darrell Pugh on January 26, 2004 at 21:11:29:

In Reply to: Writing off a new horn posted by Poor Student on January 26, 2004 at 21:01:46:

I'm no tax expert. That said, here's the way I understand it: For 2003, your standard deduction (not an itemized deduction--you can either take the standard deduction or the itemized deduction), assuming you're single, is $4,750. You paid $2000 for your horn. Assuming you can deduct it as a professional expense (and I don't know the specifics about that, but let's assume you can), you'd have to come up with at least $2,750 more in itemized deductions to make it worthwhile. That's a real pain in the keister unless you've been saving receipts for legitimate deductions all year.

My hunch is: you'd be better off forgetting about deducting it from you're income tax and just going with the standard deduction.

Like I said, I'm no tax expert. If anyone with more knowledge on this can elaborate and expand on or correct this, please do.

Sincerely,
Darrell


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