6 Nov
2003
6 Nov
'03
1:33 a.m.
On Thu, 6 Nov 2003, Joe wrote:
Hmm. This got me thinking. I often find paper work
with this stuff
showing it's original costs (in the tens of thousands of dollars!) or it's
estimated used value (still in the $1000 range). I wonder if the IRS would
accept that instead of the reciept showing that I paid $2 for it :-)
Well, if you
have YOUR name on that paperwork, that could work.
I try to keep a record of what I get, when I got it, what *I* paid
for it, its original value, and "current" value (at the time I got
it), and (in code) whom I got it from.
(under Dutch law, I dont have to give out that last info to the IRS,
unlike in the US)
This is mostly for myself, a reminder of what the hobby has cost me
"so far". If I'd ever donate it, or start an official exhibit of
it, that'd be the declared value for tax/writeoff purposes.
As an anecdote, earlier this year my finances manager (yes, I have
one..) did a printout of that stuff. He went over it, and came to
me, pointing at the paper. He just looked at me, did a *deep*
sigh, and just spoke: "dude! ....."
*grin*
He's also my dad, and the one who's gonna have to pack all that
stuff for moving to the U.S. .... ;-)
Still. Having such records can help you keep (or re-gain) sanity
when it comes to this hobby we have. If you see what all you have
gotten the past, say, year or so, and what amount of cash you spent
on it, that can be a firm slap in the face...
Cheers,
Fred (back to cleaning the new LA424 ;-)