Can you write off a pool?

[admin]

I’ve gone back and forth on whether I want a pool in my next home. However, some of you assert that pools are expensive to maintain and that’s given me pause. I haven’t researched this, and this may be a ridiculous question.

Writing off a pool doesn’t seem like it’s in the realm of possibility, but it doesn’t hurt to ask. I will be doing some of my work at home at some point which is why I’m asking. Lying to the IRS is not acceptable, so is there a legitimate way?

[Ash Housewares]

Perhaps if you formed a company like an LLC, had the company purchase the property as a rental investment, then leased the property to you the individual the company might claim it as a business expense (i.e., investment in the property to allow higher “rent” to be collected).

I have no idea really, I’m not an accountant, lawyer, or landlord, just throwing out thoughts.

[Ash Housewares]

Perhaps if you formed a company like an LLC, had the company purchase the property as a rental investment, then leased the property to you the individual the company might claim it as a business expense (i.e., investment in the property to allow higher “rent” to be collected).

I have no idea really, I’m not an accountant, lawyer, or landlord, just throwing out thoughts.

[Ash Housewares]

Perhaps if you formed a company like an LLC, had the company purchase the property as a rental investment, then leased the property to you the individual the company might claim it as a business expense (i.e., investment in the property to allow higher “rent” to be collected).

I have no idea really, I’m not an accountant, lawyer, or landlord, just throwing out thoughts.

[Ash Housewares]

Perhaps if you formed a company like an LLC, had the company purchase the property as a rental investment, then leased the property to you the individual the company might claim it as a business expense (i.e., investment in the property to allow higher “rent” to be collected).

I have no idea really, I’m not an accountant, lawyer, or landlord, just throwing out thoughts.

[Ash Housewares]

Perhaps if you formed a company like an LLC, had the company purchase the property as a rental investment, then leased the property to you the individual the company might claim it as a business expense (i.e., investment in the property to allow higher “rent” to be collected).

I have no idea really, I’m not an accountant, lawyer, or landlord, just throwing out thoughts.

[Anonymous]

Thanks Ash. What promted my question was a combination of a visit to my cousin’s pool which was rather nice and a recollection of the conversation with a realtor I had a couple of months ago. While standing there trying to pitch me on becoming a realtor, this guy boasted about how he literally writes off everything. He writes off his gas, his stamps, a room in his house, lunches, office equipment, maintenance on his car, etc. His list was practically endless. Is that ethical? Where do we draw the line, even if we are given a loophole? Or is it just business?

Let’s keep those creative ideas coming!

I’m joking. Keep me honest boys and girls. 🙂

P.S. I’m kinda hoping Rich will delete this thread. I think the idea that someone trying to write off a pool ridiculous, though I’m sure someone has tried before. Ash’s above scenario wouldn’t be worth it to me.

[Anonymous]

Thanks Ash. What promted my question was a combination of a visit to my cousin’s pool which was rather nice and a recollection of the conversation with a realtor I had a couple of months ago. While standing there trying to pitch me on becoming a realtor, this guy boasted about how he literally writes off everything. He writes off his gas, his stamps, a room in his house, lunches, office equipment, maintenance on his car, etc. His list was practically endless. Is that ethical? Where do we draw the line, even if we are given a loophole? Or is it just business?

Let’s keep those creative ideas coming!

I’m joking. Keep me honest boys and girls. 🙂

P.S. I’m kinda hoping Rich will delete this thread. I think the idea that someone trying to write off a pool ridiculous, though I’m sure someone has tried before. Ash’s above scenario wouldn’t be worth it to me.

[Anonymous]

Thanks Ash. What promted my question was a combination of a visit to my cousin’s pool which was rather nice and a recollection of the conversation with a realtor I had a couple of months ago. While standing there trying to pitch me on becoming a realtor, this guy boasted about how he literally writes off everything. He writes off his gas, his stamps, a room in his house, lunches, office equipment, maintenance on his car, etc. His list was practically endless. Is that ethical? Where do we draw the line, even if we are given a loophole? Or is it just business?

Let’s keep those creative ideas coming!

I’m joking. Keep me honest boys and girls. 🙂

P.S. I’m kinda hoping Rich will delete this thread. I think the idea that someone trying to write off a pool ridiculous, though I’m sure someone has tried before. Ash’s above scenario wouldn’t be worth it to me.

[Anonymous]

Thanks Ash. What promted my question was a combination of a visit to my cousin’s pool which was rather nice and a recollection of the conversation with a realtor I had a couple of months ago. While standing there trying to pitch me on becoming a realtor, this guy boasted about how he literally writes off everything. He writes off his gas, his stamps, a room in his house, lunches, office equipment, maintenance on his car, etc. His list was practically endless. Is that ethical? Where do we draw the line, even if we are given a loophole? Or is it just business?

Let’s keep those creative ideas coming!

I’m joking. Keep me honest boys and girls. 🙂

P.S. I’m kinda hoping Rich will delete this thread. I think the idea that someone trying to write off a pool ridiculous, though I’m sure someone has tried before. Ash’s above scenario wouldn’t be worth it to me.

[Anonymous]

Thanks Ash. What promted my question was a combination of a visit to my cousin’s pool which was rather nice and a recollection of the conversation with a realtor I had a couple of months ago. While standing there trying to pitch me on becoming a realtor, this guy boasted about how he literally writes off everything. He writes off his gas, his stamps, a room in his house, lunches, office equipment, maintenance on his car, etc. His list was practically endless. Is that ethical? Where do we draw the line, even if we are given a loophole? Or is it just business?

Let’s keep those creative ideas coming!

I’m joking. Keep me honest boys and girls. 🙂

P.S. I’m kinda hoping Rich will delete this thread. I think the idea that someone trying to write off a pool ridiculous, though I’m sure someone has tried before. Ash’s above scenario wouldn’t be worth it to me.

[temeculaguy]

Almost everyone writes off their pool, it’s perfectly legal and it is not a loophole. If you buy a home with a pool, the interest on the mortgage is deductable, if you add one yourself and finance it, then it is deductable, it is considered a home improvement, just like an addition, it’s a fixed item and improves the value. The reality is that once you own a home you should be deducting any loan payments, including your car (tax reward subordinated 4 or 5 year auto loan, San Diego County Credit Union markets them heavily).

What you will not be able to deduct is the maintenance and utilities, ballpark estimate is about $500 a month just to keep it going, it will double your utility bills, most notably electricity to filter it 4-8 hours a day. Heat, water, chemicals and cleaning on top of that and every year some $500 or $1000 component needs replacing. Enjoy!

[temeculaguy]

Almost everyone writes off their pool, it’s perfectly legal and it is not a loophole. If you buy a home with a pool, the interest on the mortgage is deductable, if you add one yourself and finance it, then it is deductable, it is considered a home improvement, just like an addition, it’s a fixed item and improves the value. The reality is that once you own a home you should be deducting any loan payments, including your car (tax reward subordinated 4 or 5 year auto loan, San Diego County Credit Union markets them heavily).

What you will not be able to deduct is the maintenance and utilities, ballpark estimate is about $500 a month just to keep it going, it will double your utility bills, most notably electricity to filter it 4-8 hours a day. Heat, water, chemicals and cleaning on top of that and every year some $500 or $1000 component needs replacing. Enjoy!

[temeculaguy]

Almost everyone writes off their pool, it’s perfectly legal and it is not a loophole. If you buy a home with a pool, the interest on the mortgage is deductable, if you add one yourself and finance it, then it is deductable, it is considered a home improvement, just like an addition, it’s a fixed item and improves the value. The reality is that once you own a home you should be deducting any loan payments, including your car (tax reward subordinated 4 or 5 year auto loan, San Diego County Credit Union markets them heavily).

What you will not be able to deduct is the maintenance and utilities, ballpark estimate is about $500 a month just to keep it going, it will double your utility bills, most notably electricity to filter it 4-8 hours a day. Heat, water, chemicals and cleaning on top of that and every year some $500 or $1000 component needs replacing. Enjoy!

[temeculaguy]

Almost everyone writes off their pool, it’s perfectly legal and it is not a loophole. If you buy a home with a pool, the interest on the mortgage is deductable, if you add one yourself and finance it, then it is deductable, it is considered a home improvement, just like an addition, it’s a fixed item and improves the value. The reality is that once you own a home you should be deducting any loan payments, including your car (tax reward subordinated 4 or 5 year auto loan, San Diego County Credit Union markets them heavily).

What you will not be able to deduct is the maintenance and utilities, ballpark estimate is about $500 a month just to keep it going, it will double your utility bills, most notably electricity to filter it 4-8 hours a day. Heat, water, chemicals and cleaning on top of that and every year some $500 or $1000 component needs replacing. Enjoy!

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