Let’s say that I have this one movie that is finished that I spent 80 million to make. I decided to “write it off”. So when I get to pay my taxes, do I get a 80 million discount?
Let’s say that I have this one movie that is finished that I spent 80 million to make. I decided to “write it off”. So when I get to pay my taxes, do I get a 80 million discount?
You’re supposed to include an approximate percentage of personal vs business use. Generally this isn’t really policed, but if it’s clearly 100% personal and you say it’s 100% business, that’s a disaster waiting to happen.
Also using stuff like this while making less than a million a year is going to bump you up several notches on the “people to be audited” list.
“Tax evasion”.