tax deductions

[Carol Beigel]

I think the key word here is "intent".  If you buy
something for personal use it is not tax deductible as
a business expense.  However, if you buy this piano
with the intent of fixing it up and later selling it
for a profit, of course everything about it, including
parts and drayage are tax deductible. As others have
pointed out, you might wish to declare the piano under
Cost of Goods rather than in general.  However, for
just one piano, it might be prudent to just throw it in
with the regular expenses. There is no time limit on
when you need to sell it, and you can always change
your mind in years to come if you decide you want to
keep it.

Carol Beigel

In reply to:  I apologize if this is a silly question,
but I am currently gnawing on an
opportunity I'd really like to take, except that it
would require some
financial finagling. In weighing my pros and cons, a
thought came up - as a
technician, if you purchase a piano that requires work
that would help you
hone your craft, can that purchase at all possibly be
written off as a tax
deduction?
I'm afraid it's going to break my heart if I don't grab
this piano, but it
may break my wallet come April if i DO buy it...