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Dean Valadez
  • Investor
11
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64
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Question on write-offs and do's and don'ts

Dean Valadez
  • Investor
Posted

Can I:

- Purchase clothes (pants, shirts, socks, coats, jackets) that I would wear for doing renovations/rehabs and write them off? 

- Shoes, boots?

- atypical tools, such as a knife or flashlights?

- iPads or other such devices? (for documenting properties, drawing rehab ideas on a digital sketchbook, checking Zillow, etc. I know I can do a lot of this on my phone, but an iPad, even the iPad mini, would be easier to view things, and to sketch ideas, etc)

- iCloud storage? (I had iCloud storage for my personal use prior to getting into this field)

I realize the above items can be used for personal use as well, which is why I am asking. What are some things you wrote off, and what precautions should I be aware of? 

Also, what are some do's and don'ts for write-offs or for the above questions? I am not trying to 'work the system' but I would like to know what is common/typical to do and what are some write-offs that draw questions/red flags.

  • Dean Valadez
  • Most Popular Reply

    Account Closed
    • Accountant
    • San Diego, CA
    552
    Votes |
    1,250
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    Account Closed
    • Accountant
    • San Diego, CA
    Replied
    Quote from @Dean Valadez:

    Can I:

    - Purchase clothes (pants, shirts, socks, coats, jackets) that I would wear for doing renovations/rehabs and write them off? 

    - Shoes, boots?

    - atypical tools, such as a knife or flashlights?

    - iPads or other such devices? (for documenting properties, drawing rehab ideas on a digital sketchbook, checking Zillow, etc. I know I can do a lot of this on my phone, but an iPad, even the iPad mini, would be easier to view things, and to sketch ideas, etc)

    - iCloud storage? (I had iCloud storage for my personal use prior to getting into this field)

    I realize the above items can be used for personal use as well, which is why I am asking. What are some things you wrote off, and what precautions should I be aware of? 

    Also, what are some do's and don'ts for write-offs or for the above questions? I am not trying to 'work the system' but I would like to know what is common/typical to do and what are some write-offs that draw questions/red flags.


     For cloths, they need to be cloths that you cant wear outside of work. For instance, a new suit is not a write off, but a uniform for your business is. Tools like knife etc if have a business use you can write off. Same with iPad and cloud software. 

    Generally, you need tie back a business use for your item in question. 

    I hope that helps! -Zack 

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