Taxes and knifemaking

[tmickley]

If you gift a knife to a charity fundraiser, can you deduct the 'retail' value of the knife or only the actual cost of materials and shop supplies?

If you've made knifes for a few years for practice and time to accumulate tools, can you ammortize tools you have when you start for profit?

 

[RHINOKNIVES]

i deduct a little less that my retail on chairty donations. all machines and supples are deductalbe in a current year. my tax lady knows the percentice. talk to a tax pro, because the best route to take is differnt for each of us.