So I was scrolling through Facebook today and saw that a guy is selling the Off Road Arcade game with the foot pedals and steering wheels and all of that nostalgic goodness. Naturally I wanted it. Now s I think about it more I think it would be even wiser to put in the laundry room of my most recent purchase, a 6 unit property.
He is selling for $500 so it would be an expense given my "de minimus" election. So tax saving of $125 right there. The enjoyment factor and earning potential is there as well. I think it might give the property he little boost it needs to rent quickly. What would I expense this as?
Has anyone done anything like this???
Does it take quarters to operate? (just curious)
Seems to fit... kinda.. NO category on Schedule E. If it were me and I really wanted to take it, I would depreciate it anyway- despite the de minimus. Treat it like a washing machine.
yes it takes quarters, so I could collect from that along with the washer and dryer.
I would just expense a washer or dryer that was under $500 as well so it must be a write in deal. It would be pretty cool I think.
I agree it would be a cool idea. Let us know how the income is!
@Kyle Hipp watch out when this bug bites you , you could be buried in games. My brother in law has a basement full of them and it starts with one. Let us know how you make out. And make sure it is working , it is kind of tough to find repair people for those things.
Interesting idea. At 50 cents a pop, you'd need around 750 plays to hit your break even ($500-$125 deductIon). I don't know about the life on it, but in a 6-unit, I could imagine it taking quite awhile to rack up that many plays, not to mention any maintenance that it might entail. But if you'd get enough enjoyment out of it, go for it!
I don't think it would be worth it. Seems like one of those things that will get old really quick. Just put yourself in their shoes. I know when I go to an arcade now i'll make my rounds playing some of the old games but it does get old pretty fast. I usually wind up giving tokens away.
If you put this in a building with 6 families you're not going to get those constant "Oh look! an old arcade game" quarters like you would if you had it in public. Once the families get tired of it it's just going to sit. I personally would't do it but if you do definitely let us know how it goes.
I think you're just trying to talk yourself into buying something you want :-) I have to agree with the above that you probably won't make money off of it. It would take too many plays with too few players and they can be very expensive to repair. Also that particular arcade, having specialized parts (pedals and wheels), will be harder than average to replace parts for. If you can afford to treat yourself, I say buy it, but don't do so with the idea that it will be profitable. Keep us updated though, I would love to be wrong!
From a manager's perspective, I see a potential problem, where you've got the neighborhood kids hanging out in your laundry room, and sending your tenants off to a laundromat to avoid having to do laundry with a bunch of rowdy kids taking over the laundry room.
But, hey, you could buy it and then remove it because there was a problem with noisy kids, and still write it off, eh?
Well it doesn't look like I'll get there in time to buy it. I agree that it would not be the wisest investment but it is an interesting concept. It is funny how this business shapes the way one looks at things.
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