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Thread: taxes and $600 BDSM supplies

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    Featured Member venusofwillendorf's Avatar
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    Default taxes and $600 BDSM supplies

    academic question, since i haven't even started dancing yet, but if i eventually started taking domination clients, can i deduct my more expensive supplies from my taxes? i suppose not cuffs and shoes, but what about a violet wand, which is about $600? doesn't that escape the housewife rule?
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    Default Re: taxes and $600 BDSM supplies

    yes, I'd say that all of this stuff passes the 'housewife' test.

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    Senior Member DanMorris95156's Avatar
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    Default Re: taxes and $600 BDSM supplies

    When you convert previously "personal" type property into "business" property - you are allowed to deduct the cost those items. In a bookkeeping sense, you are (on paper and without tax consequences) "selling" those assets to your business.

    This is done frequently with start-up businesses and includes all business type assets including computers, supplies, machinery, furniture/fixtures, and specialized tools.

    Hope this helps.

    Regards,

    Dan

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    www.adultfinancialservices.com
    Daniel D. Morris, CPA
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    God/dess VenusGoddess's Avatar
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    Default Re: taxes and $600 BDSM supplies

    ^ Is there a date/time limitation on how old a product that is being converted can be? Say, you cannot deduct something that you've owned for 5 years, but now "use" in your business? Or is there just a different type of depreciation given for those items?

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    Veteran Member rain's Avatar
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    Default Re: taxes and $600 BDSM supplies

    What's a violet wand?

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    Featured Member venusofwillendorf's Avatar
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    ~ghandi

    i really love your peaches wanna shake your tree....
    ~steve miller

    why not?
    ~anon

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    Senior Member DanMorris95156's Avatar
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    Default Re: taxes and $600 BDSM supplies

    Regarding the depreciation of "contributed" property - there is no time limit. However I would say there is a common sense limitation. The challenge is you are allowed to deduct your cost basis or current fair market value, generally which ever is lower. An old item may have negligible value. I would suggest that you consult your advisor on specific items or items that are subject to a lot of wear and tear.

    This is really helpful say when you are starting your business and you have accumulated a large value of items before you convert from hobby into a business. Example - a carpenter deciding to start a business could have a large value of tools and these tools can be deducted as contributed property.

    Hope this helps.

    Regards,

    Dan

    [email protected]
    www.adultfinancialservices.com
    Daniel D. Morris, CPA
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