I own a practice and bought somethin related to my practice that would be normally tax deductible. I, however, used a gift certificate for Amazon.com to purchase the product. Is this purchase tax deductible?
Tuesday 22nd May 2012
Gift Card News- Ideas from the kids: Gifts for high school graduates - nwitimes.com
- Angelina's to accept Naples Tomato gift cards through June - Naples Daily News
- Woodlands Mall giving away prizes in Father's Day contest - Woodlands Online, LLC
- County gifting gas cards to volunteer meal drivers as a show of thanks - Chambersburg Public Opinion
- Gift Card Impressions Wins Most Innovative Prepaid Product at 2012 Hawk Awards - San Francisco Chronicle (press release)
Is a gift card purchase tax deductible?
Related Posts
Tags: Amazon, expired credit card, Visa Gift Cards
You use your basis in the gift certificate as if you paid cash.
Eg, I spend $50 and give you a gift certificate. Your basis in the gift certificate is my $50.
Eg, you get a free gift certificate on Amazon.com for spending too much money at Christmas. Your basis is $0, it's still zero.