I only use it for work. If it is deductible, can I also deduct the space where I keep the piano?
2007-03-05 13:12:36 · 3 answers · asked by pawt72 3 in Business & Finance ➔ Taxes ➔ United States
If you are a professional pianist or song-writer, you can. If you rent a studio for your work, you can deduct expenses of that space. If the piano is in your home, then you can only take a deduction for the space if you use that space regularly and exclusively for your business.
2007-03-05 13:54:55 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
yes you can deduct the piano, but you have to find out what class of depreciable property the piano is under the MACRS depreciation method(IRS.gov) and also deprecate the % of house to keep the piano.
2007-03-05 21:39:55 · answer #2 · answered by clu25 2 · 0⤊ 0⤋
If it's for work, I believe you can.
2007-03-05 21:20:19 · answer #3 · answered by almighty_malachi 5 · 0⤊ 1⤋