Tax break? - Tropical Fish Keeping - Aquarium fish care and resources
 
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post #1 of 3 Old 01-30-2008, 11:28 PM Thread Starter
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Tax break?

I mentioned to the LFS guy about setting up my tank in my home office. He said, you know that's office furniture and you can take it as a tax break. True?

36 bow, Coralife 130w + 28w T5, Remora skimmer, and small fish
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post #2 of 3 Old 01-31-2008, 01:58 AM
Wow, I wish I'd thought of that. I really don't know. Call H&R Block. lol
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post #3 of 3 Old 01-31-2008, 02:57 AM
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Yes, true, however... it must remain in the office and you must also keep receipts to prove purchase prices. The tank, stand, light fixtures, and I think also filtration together as a setup price and be claimed on federal, the state varies according to the state. It is listed as furniture purchase, which does not include whatever you put in it. I'd call a tax preparer and ask for specifics before attempting it, just to be safe. That's not something you want to get in trouble for because you can't sell it to get your money back out to pay something you screwed up on a tax form.

Dawn Moneyhan
Aquatics Specialist/Nutritionist
Juneau, WI
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