Today TaxMama hears from K Syl in the TaxQuips Forum, who has a fun idea. “I have an Internet marketing business – a blog on comic books. The blog will have links for ordering comics to generate income on the blog and Pay Per Click ads. Large portions of the site will be devoted to reviewing many of the comics I purchase. Because of that, would I be able to legitimately write off my comic book purchases on my taxes?”
Dear K Syl,
That sounds like a fun project! What genre of comics will you be reviewing?
And considering the fact that ComiCon has turned into a such a major success that it’s practically impossible to get a room in San Diego…you’re probably in the right market.
So, can you write off your comic book purchases?
Well…professional reviewers usually get sent complimentary copies of publications for them to review. But, you’re new. The publishers don’t know you yet.
So, here’s the big question. What will you do with the comics after the review?
If you plan to keep them and collect them? No. You cannot write off your purchases.
If you donate them to some appropriate place that has the good sense to accept them. YES, you may write off your purchases, but not your donations.
Better yet, if you give them as prizes to your audience? Not only is that great business, but you can unquestionably write off your purchases.
And remember, you can find answers to all kinds of questions about comic books and other tax issues, free. Where? Where else? At www.TaxMama.com.[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the join TaxMama.com link – it’s free!]
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