Oddball youtube / rehab tax deduction question
I've had this question in my head for a while and figured I'd finally ask it.
Let's say you created a youtube channel for the purpose of creating a following & eventually making a profit. A DIY maker type channel.
Could you do a renovation on your home, create a video & then deduct the rehab costs?
Assuming of course that you continued to make videos in an attempt to build a profitable channel...
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#1 Tax, SDIRAs & Cost Segregation Contributor
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Years ago, I worked out of my home office. That office had a full-length mirror on the closet door. When a client would ask me this type of questions, I'd offer them my "mirror test": say this idea into the mirror 3 times without cracking a smile. If you can pull it off with a straight face, then we will discuss it further.
I never had to discuss these creative ideas further. Nobody could pass the mirror test.