A Rolex Write-Off?

[B. Doggy]

So since Rolex is owned by a consortium of charities, why would we not be able to itemize it on our taxes (assuming you do in fact itemize)? Wouldn't that be nice!

Any CPA's and/or lawyers in our midst?

[BigHat]

One doesn't need to be a CPA to know you're nuts. But give it a try and be sure to write -- from prison.

[Art161]

Presumably you received something in return for your money that was equal in value to the amount of money you expended. If you donate to a charity and receive something in return, you may not deduct the value of that item on your income tax return as a charitable contribution.

While there may be some exceptions, the general rule is that the charity must be created or organized in the US to take a deduction on a US income tax return.

I'll stop here and let others chime in if they want to add more reasons.

[astcell]

Some charities will send you a t-shirt for a donation, and the deduction you get is less the value of the shirt. So if the shirt is worth $5 and you donate $15, you can deduct $10.

[toph]

you are not making a donation directly to any sort of charity for a start!! you are buying a good from a retail outlet. i do not even know if rolex is owned JUST by charities either. ( i don't particularly care). Yhey are a privately owned business.

The school i went too is the best example i can give you. it was a Private school and for the point of refuting your point and case; it was one of the top in scotland and my father had to pay a relatively substantial fee as did all other parents for there child to attend. It is also a registered Charity ( i don't even know if rolex is) and there was no chance of getting your tax rebate because you are paying for a service , just like you pay for a good like a rolex. YOU are not making a donation.

[B. Doggy]

HA! I love it.

I think you all would be surprised what is written off on taxes. I see it quite often. All it takes is some creativity.

[Parachrom]

In fact at the time i bought mys econd SD I was engaged in active underwater work as a diver on contract. I bought the Rolex Sd and deducted a portion as a business expense against my personal income tax as I was a sole proprietorship.

All I needed to do was reduce my taxable income to zero. which was done

[B. Doggy]

One down. Now what other creative thoughts are out there? Most will probably be business related. Perhaps I'll form a Sole-prop to do such write-offs......

[Andad]

Originally Posted by toph

you are not making a donation directly to any sort of charity for a start!! you are buying a good from a retail outlet. i do not even know if rolex is owned JUST by charities either. ( i don't particularly care). Yhey are a privately owned business.

The school i went too is the best example i can give you. it was a Private school and for the point of refuting your point and case; it was one of the top in scotland and my father had to pay a relatively substantial fee as did all other parents for there child to attend. It is also a registered Charity ( i don't even know if rolex is) and there was no chance of getting your tax rebate because you are paying for a service , just like you pay for a good like a rolex. YOU are not making a donation.

Hi Toph,

Reading your post (spelling, capitalisation, grammar etc.)- your parents should have bought Rolex watches instead as a better long term return for their money. I then realised that your post was a 'wind up" as I couldn't remember seeing you at the Aberdeen Grammar.

Seriously,

Any Company can make large donations to charity. I see the Rolex machine, the buildings, the $$$ value of the infrastructure and I can only imagine the salarys being paid out each month.. Wow.
I KNOW where most of the profit goes.

[ffighter556]

I own a business on the side City Government Jobs don't pay enough to buy Rolex's writes two off a year me and my business partner write them off as gifts

[Art161]

Originally Posted by ffighter556

I own a business on the side City Government Jobs don't pay enough to buy Rolex's writes two off a year me and my business partner write them off as gifts

Is there no longer a limitation of a maximum $25 gift to each customer/client?

[MTD32]

If you own your own business you could write into your "operating manual" that wearing a "time piece" is a "requirement" of your business uniform.

Can't say if it would hold up in an audit but I know that you can write off uniforms, provided that it is company policy to wear a particular uniform.

______________________

Sub-Date 16610

[2careless]

I think if a collector is doing enough number of trades to a stage that it is his "business", he can possibly claim the costs of RSC services, paypal/ebay costs, valuation services etc as cost of business. Also, should be possible to offset losses against profits, but that means he'll be subjected to capital gains tax and other nasties. That should be it, unless someone can devise a mechanism that the watch can be depreciated / written off - e.g. lease out the watch to someone, but who would lease a watch?

[cwru32]

Originally Posted by BigHat

One doesn't need to be a CPA to know you're nuts. But give it a try and be sure to write -- from prison.

:dumm y:

very funny!

[CKay]

Nice try pals, but I am afraid that my tax authorities are not so naive to put it nicely.

[Art161]

Originally Posted by MTD32

If you own your own business you could write into your "operating manual" that wearing a "time piece" is a "requirement" of your business uniform.

Can't say if it would hold up in an audit but I know that you can write off uniforms, provided that it is company policy to wear a particular uniform.

______________________

Sub-Date 16610

Business expenses need to be ordinary and necessary, considering all the facts and circumstances. Also, you write off a uniform only if it is generally not considered appropriate for non-business wear. For example, you would not usually be allowed to write off a suit that you wear for business purposes, even if you never wear a suit except for business, and even if your employer requires you to wear a suit. I understand that Jay Leno does not own a suit. His contract states that NBC will furnish the suits that he wears on his TV show. Presumably NBC gets to take the deduction as a business expense.

[Z-Sub]

that would be wonderful but I think a Tax free country will help me to afford evn more Rollies. Even if there is no stat tax would help tremendously as well.

[toph]

Originally Posted by directioneng

Hi Toph,

Reading your post (spelling, capitalisation, grammar etc.)- your parents should have bought Rolex watches instead as a better long term return for their money. I then realised that your post was a 'wind up" as I couldn't remember seeing you at the Aberdeen Grammar.

Thanks for pointing that out. When i write online i just become really lazy!! You northerners are such snobs

[CPTL]

Hopefully there are no auditors lurking on TRF. Does the forum have legal counsel to fight the inevitable subpoenas for poster IDs?

[BLSampson]

Can't you deduct a 'Tool watch' just like you would other tools etc?