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Sure. Qualified business expenses are deductible. Personal expenses are not deductible, and neither are losses suffered because you willfully destroyed your o
by lisper 3y ago
Sure. Qualified business expenses are deductible. Personal expenses are not deductible, and neither are losses suffered because you willfully destroyed your own property. That is true for businesses as well as individuals.
- gruez 3y agoRight, and the studio is deducting all the resources it spent making the movie. If you decide to invest in a bunch of money into developing a product, and then not commercialize it, all the r&d money that went into it is still deductible. It gets tricky when amortization and accruals are involved, but in the end it's approximately the same principle.
- lisper 3y ago> It gets tricky when amortization and accruals are involved That's right. But when all the dust settles, writing off an asset that had market value when you intentionally destroyed it will not pass an audit.