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Thread: Taxes
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03-08-13, 11:32 AM #12
Re: Taxes
I was headed there Ira was just dragging white deeper into his story. Not to mention if the cello was treated as an investment you could only claim a loss on the difference between the purchase price and the selling price. The Feds could give a shit about the appraised value.
If you could deduct loss on personal items I would never have to pay again.
I pay state as well.
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03-08-13, 12:16 PM #14
Re: Taxes
Though it's not what White mentioned, I suppose that it would be possible to find a way to have a portion of the value of the instrument be a charitable donation. In that case, the buyer would pay something less than the appraised value and the seller would claim the difference as a donation.
That would allow the appraised value to be a real factor, but it would also necessarily involve a buyer who could in some way qualify for such a donation - perhaps a school or a church.
All that seems a bit involved (and not a little ridiculous) for a cello.
Cheers,
AetheLove
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03-08-13, 12:30 PM #15
Re: Taxes
That would be possible in the scenario you described in my opinion. It is risky water though. A $10,000 diamond ring is almost always going to "appraise" for $20,000. So in that example I could go by one for the $10,000, have it appraised, sell it to a charity for $10,000 and claim a $10,00 charitable donation deduction on my taxes. Not something I would want to take the stand on under oath. Your appraisal better hold water.
I end up going the opposite direction. I donated about $10,000 in personal property in 2012 resulting in a deduction of about $2,700. I am in the 1 and 10 category for audits, I do not take any chances.
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03-08-13, 02:11 PM #16Re: Taxes
A musical instrument, that is a proper one, is considered an investment. Good ones increase in value over time. Mine is such a one.
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Bigdog-Sweet home Alabama you are an idiot.
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