An Often-Overlooked Asset for Businesses
As a business owner, staying informed about tax deductions and wise investment choices is important.
This February 2023 antiques article provides valuable information on how you can deduct the cost of certain antiques used in your business.
The courts have established a legal precedent for your doing so by ruling in favor of musicians who claimed depreciation on antique musical instruments used in their trade (businesses).
By using antiques in your business, you can deduct the cost of purchase at the time of purchase, rather than only as a cost of sale, and enjoy tax-favored long-term capital gains on profits in excess of the purchase price.
Additionally, you may also be able to retroactively claim missed depreciation benefits by filing IRS Form 3115.
With the potential for appreciation in value, antiques are a smart choice for businesses looking to save on taxes and make a wise investment. To get this right, make sure to read the February 2023 antiques article.