Posted: 7/29/2006 11:15:47 PM EDT
| Can guns purchased while on active duty be considered a tax right off. Since it can be considered a training item? |
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If your employer requires you to provide your own duty weapon then yes, you can claim a tax deduction. To claim the deduction you have to itemize which means you need itemized deductions that exceed the standard deduction. For 2005 the standard deduction for married filing joint was $10000, single was $5000. Both will be higher for 2006. The most common itemized deductions are state and local income taxes, real estate taxes, mortgage interest, charitable contributions and miscellaneous deductions, the latter being the category where employee business expenses would be claimed. Normally a firearm would have to be depreciated which means that the deduction would be taken over a period of several years (probably five years in this case). The deduction also has to be prorated for personal use. If it is used half for personal use and half for business use then only half of the cost may be claimed. Also, if it is converted to personal use then all the deductions claimed may have to be paid back. So to answer your question, yes you can deduct a firearm as a business expense, but there is no simple way to tell if you will benefit from the deduction. twidget |
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If you're above a certain income threshold, job related deductions must clear a certain percentage of that income-I think it's around 5%-before they become tax deductable. If you're in the military, things like money spent on uniforms (above your annual clothing allowance $$ for enlisted types), patches, sewing/tailoring, Kiwi, even haircuts if they're required can be deducted. Reservists/Guardsmen who travel over 100 miles to drill can deduct their fuel and lodging expenses. |