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Updated over 1 year ago on . Most recent reply

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Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
112
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152
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Oddball youtube / rehab tax deduction question

Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
Posted

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... 

Most Popular Reply

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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
5,982
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5,105
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied

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.

  • Michael Plaks
  • Loading replies...