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Topic: Librairies and tax deductions

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  1. #1

    Librairies and tax deductions

    Attention business Gigers:

    Since we purchase a [B]licence[/B for the use of samples when we buy a library, does that make it equal to an equipment rental for tax purposes? What I mean is, since we can\'t transfer or sell our sample librairies, as we don\'t even own the said samples, are these 100% deductible?

    I know it\'s summer, but I\'ve been thinking about this for a few months... [img]images/icons/smile.gif[/img]

  2. #2

    Re: Librairies and tax deductions

    PS: When I write 100% deductible, I mean in the first year of purchase.

  3. #3
    Senior Member Bruce A. Richardson's Avatar
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    Sep 1999
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    Re: Librairies and tax deductions

    Originally posted by Ned Bouhalassa:
    [b]Attention business Gigers:

    Since we purchase a licence[/B for the use of samples when we buy a library, does that make it equal to an equipment rental for tax purposes? What I mean is, since we can\'t transfer or sell our sample librairies, as we don\'t even own the said samples, are these 100% deductible?

    I know it\'s summer, but I\'ve been thinking about this for a few months... [img]images/icons/smile.gif[/img]
    <font size=\"2\" face=\"Verdana, Arial\">I asked my accountant about this last time we had a strategy session. His opinion was that a sample library has tax equivalence to a musical instrument. You need bass tracks, so you purchase a bass equals you need bass tracks so you purchase a bass library.

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