Yes, the Antique Chair Is Deductible

Let’s assume, for the purpose of discussion, that you use a $10,000 antique chain in your office.

Then let me give you two pieces of advice…

First, be very, very careful when you sit down.

Second, and definitely not a joke, learn how the IRS treats the depreciation of your chair and other valuable antique items that you use in your office. 

Understanding the IRS’s rules is extremely important if you want to maximize your deductions. All will be explained when you read the full article titled Tax Tips: Yes, the Antique Chair Is Deductible.

Three ways our fact-filled article can help you:

1. We’ll explain how the IRS determines deductibility. For starters, Uncle Sam judges whether the items you want to deduct are “lavish and extravagant.” If they are, you’re a loser. However the IRS does allow deductions for items it considers to be “ordinary and necessary” business expenses. We’ll take a look at these issues in detail when you read the full article.
2. You’ll learn how to get antiques to pass the IRS’s test. Here’s the punch line. Antiques are depreciable when they suffer “wear and tear” from physical use in your business. Put your beautiful chair on display and you’re a loser. Put your fanny in the seat when you’re performing business activities and you’re a winner. You’ll get the whole story when you read the full article.
3. We’ll tell you why a $10,000 chair is not considered expensive. Sure a $10,000 antique chair costs a lot more than a lawn chair you pick up at Walmart. But the cost has nothing to do with it. What counts is that your antique passes the “ordinary and necessary” business test. Note: these rules are all backed up by the results of two important court cases. To find out more, you read the full article.

You’ll get full details when you read the full article
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