Is a luxury watch a tax write off? In other words, can you deduct a luxury watch purchase as a business expense? Grey market watch dealer Roman Sharf of Luxury Bazaar made a video answering the question, but is he right or wrong?
It seems somewhat reasonable. You hear about company’s gifting watches to key employees after hitting employment milestones. How does this work with regards to taxes and what can you actually do without getting into any trouble with the IRS.
Roman Sharf says in his video, that a lot of corporations buy watches from them and write them off as corporate gifts. And ultimately Roman agrees that this is an acceptable business expense or tax write off. This video is my response.
If you enjoy this video, please like and share this video. Don’t forget to subscribe to this channel for more updates.
Do you have questions about Is A Luxury Watch a Tax Write Off? CPA Responds to Roman Sharf? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
I just started a Free Facebook Group where you can get your tax or business questions answered, not just by me. There are lots of well qualified tax and accounting professionals already in the group. Click here to join!
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
