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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Colin Cody who wrote (703)	2/13/1999 7:11:00 PM
From: WPC9999	Read Replies (1) \| Respond to of 1383

About "library" expenses. I would hardly call my little collection of books a library. But I have bought about 20 books related to trading and technical analysis this past year. Many of them I haven't read yet. This area seems so unclear. I spent some time at the library this afternoon reading in the Commerce Clearing House tax service. The only mention I could find about books was a reference to a lawyers library of books being depreciated over 24 years. I can maybe see that for the extensive law library that an attorney might have. Certainly it could be said these books are good for more than one year, but does that mean they must be depreciated. I wouldn't depreciate a calculator, which could cost as much or more than a book. And the calculator is certainly good for more than a year also. But then you are looking at the books all together as a library. I would say there should be a materiality level, like in a business. If it is under a certain amount, expense it. Of course, I worked in a non profit organization, so we really didn't do our depreciation based on any tax laws. I was a hospital accountant for 16 years. Haven't dealt with taxes much in any capacity. It is specifically mentioned in the book by Ted Tasser about being able to deduct books, seminars, etc., even the cost of his book. His book is one of my 20 books. However, others on this thread have discounted his tax advice. But I would assume that others are buying books and deducting them as well. After reading through messages for the past year on this and other threads, I don't recall hearing about anyone being audited or having expenses disallowed. I would like to see more comments on this from others. Where has everybody gone?