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 can only deduct the full purchase of a capital expense such as a car in certain situations. Usually you have to amortize/depreciate the expense over a set amount of time. I’m not sure if you can still claim milage as an expense if you claim the vehicle as an expense.
I think it was just offered as an illustration of the concept, not as tax advice.