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Red F
Red F asked in Business & FinanceInvesting · 4 years ago

Can I write off gold bullion as a tax deductible in this scenario?

If I started a business that specifically focused on the niche market of selling photographs of gold coins and bars, could I write the gold bullion I'd have to buy to photo as a tax write off for this business?

Not interested in "You'll definitely throw up a red flag with that" because that's the point here. What I'm interested in knowing is if I could legally pull this off.

1 Answer

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  • Eva
    Lv 7
    4 years ago

    No. The bullion would be classed as a business investment (asset) since it has a monetary value and could be converted to cash.

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