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Accounting, Payroll & Pension Issues/studio write off
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Question
I am a professional artist presently working out of my home and selling through galleries. I am thinking of buying another residential home and using it exclusively as a gallery. Can I use it as a write off?
Thank you so much for your time,
Carol
I cannot see any reason why you should not be able to do as you intend -- to treat a residence as business property.
Please be sure the local zoning ordnances allow what you are intending. And please keep in mind that when the property is disposed of you will be taxed on the (hopeful) gain.
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| Comment | Thank you for your response and time. Thanks for reminding.g me about the taxes at disposal!40 | ||
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Accounting, Payroll & Pension Issues
Answers by Expert:
Arthur Naman
Expertise
General accounting and bookkeeping questions. How to do monthly bookkeeping, how to prepare financial reports. How to reconcile accounts.
I cannot answer questions pertaining to pension or retirement planning.
This is not a forum to have homework answered. Please do your own homework.
Experience
30 years' experience doing tax and accounting work
Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA
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