Can you write off a Rolex?

[Gab27]

You CAN...

You might not like what comes afterwards, but you definitely can.

I don't think they allow Rolexes in Federal prison though.

[Yellowfury]

as a CPA I generally don't advise doing this lol

[LooseCann0n]

Originally Posted by joejet

WOW well that changes my collection, and gives me more justification to my wife that my collection being a tax free investment i’d for her future and maybe I can convince her to allow me to buy a few more :)

Any way that works - I know my wife is less concerned about my watch expenditures since I have mentioned that the value is instantly available should we ever need it… usually at an increased level compared to purchase price… and without using our capital gains tax allowances!


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[Speedbird-1]

You need to ask Amazon's tax avoidance advisers......they'll sort it for you.

[jimcameron]

Those with the most, always want to pay the least.

[Sunny Arizona]

Originally Posted by Thebuzz

If you are an influencer you can. But you’d have to review on your TicToc feed


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Yep!

[dannyp]

Originally Posted by Mifune

I don't see how you wouldn't be able to write off a Rolex... or any asset.

you need to be able to prove a capital loss by selling it for less than you bought it, and then you would only be able to write off the difference. but as with all things, it's the layering of all your 'losses' that makes the biggest difference.

Also sounds like people are conflating write-offs with deductions.

[dannyp]

Originally Posted by porschejeff

As a practicing CPA for about 40 years, some pretty bad tax advice being given out in here. NO absolutely not able to deduct a Rolex to project a successful image or nice suits and clothing unless they are for stage use (entertainers) not adaptable to street wear.

I represented a news anchor that deducted clothing, hair care, etc. Guess what we list the audit (I didn’t prepare the original tax return).

You want a write off, donate your Rolex to a charity and get a deduction fir fair market value.


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So, out of curiosity, what if the anchor had purchased clothing through their loan-out corp, as company property, then sold them to themselves personally at market value after use for the season? Would the difference be considered a capital loss?

[mountainjogger]

Originally Posted by porschejeff

As a practicing CPA for about 40 years, some pretty bad tax advice being given out in here. NO absolutely not able to deduct a Rolex to project a successful image or nice suits and clothing unless they are for stage use (entertainers) not adaptable to street wear.

I represented a news anchor that deducted clothing, hair care, etc. Guess what we list the audit (I didn’t prepare the original tax return).

You want a write off, donate your Rolex to a charity and get a deduction fir fair market value.


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[Etschell]

Only if it is a cogs and you are a watch dealer.

It would not be an allowable business deduction.

This is not tax advice. Seek your own. Just remember you as the taxpayer are responsible for the return. Some CPAs give bad advice.

[honuswagner13]

I’m a CPA as well. Our firm has dealt with a about 2 dozen IRS audits since I have been employed there. This thread reminds me of one audit about 7 years ago.

One new client came to us, a chiropractor, and wanted us to represent him for an audit. His return that year was prepared by another firm. After doing our due diligence review and interviewing the client, we find out that he had removable decals that he would attach to the doors of his new corvette, and thus the corvette was being depreciated as an asset on his books. It their eyes it was considered an asset, since it was being used for advertising.

Needless to say, the IRS auditor totally disallowed the depreciation deduction, and also open the prior years that it was on the books, and disallowed the deduction as well.

[Mifune]

Originally Posted by dannyp

Also sounds like people are conflating write-offs with deductions.

that's true...

[watchtabs]

Thankfully some real CPAs came to talk some sense…


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[Calatrava r]

I am sure all those Rolex and Omegas used in the Bond films were deductible business expenses to the producers.

[dannyp]

Originally Posted by Calatrava r

I am sure all those Rolex and Omegas used in the Bond films were deductible business expenses to the producers.

They were probably deducted… but by Swatch (since it was a paid sponsorship).

[scurfa]

As a diver I can deduct a diving watch from my tax return every three years, they don’t like it so it’s best to do it every five, everyone buys a Rolex and if it’s used in a saturation diving system it can be serviced yearly, also tax deductible.

[watchtabs]

Originally Posted by scurfa

As a diver I can deduct a diving watch from my tax return every three years, they don’t like it so it’s best to do it every five, everyone buys a Rolex and if it’s used in a saturation diving system it can be serviced yearly, also tax deductible.

Interesting… I’m planning on getting my basic PADI this summer…

43MM ssd!???


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[honuswagner13]

Originally Posted by scurfa

As a diver I can deduct a diving watch from my tax return every three years, they don’t like it so it’s best to do it every five, everyone buys a Rolex and if it’s used in a saturation diving system it can be serviced yearly, also tax deductible.

Are you self employed? If not, I can’t see where you are deducting it, since the new tax bill was released a few years ago, unreimursed employee expenses are no longer deductible at the federal level.

No offense, but if it is a business deduction, I can see the IRS disallowing a percentage of your watch and related expenses of it as personal use. Just based on my experience in dealing with the agents.