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Strategies & Market Trends : IRS, Tax related strategies--Traders
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To: WPC9999 who wrote (702)2/11/1999 2:01:00 PM
From: Colin Cody  Read Replies (1) of 1383
 
The items you listed are more or less deductible for a trade or business. As to what is "more than less" is something that depends on how you and your personal tax advisor feel based on the USE of the items, your DOCUMENTAION, and AGRESSIVENESS of your position.

Prepaid multi-year subscriptions are an asset, not an expense.
Technically, library expenses (including subscriptions) are deductible, but only if the useful life of the publications purchased is less than one year. As a practical matter, this rule applies to books such as Tax guides which are continually updated and lose their currency in less than one year.

The cost of a newspaper of general circulation is normally not deductible but the cost of a periodical or business newspaper may be deductible.

Colin
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