Two questions..

What do you mean by used? There are multi tens of thousand $$$ knives trading 2nd-hand, but they're mint.

You're probably able to write off the losses you make when selling a knife for less than you bought it, but I'm not sure of anything else you can do.

JD
 
You could start a knife business and then the knives you purchase would be a business expense. You would however have to be able to show that you are actually conducting a business and trying to make a profit.
 
The IRS only allows 2 years (I think, it might be three) for a business to lose money before they disallow it as a tax deduction.

Any other way of writing off knife buying is going to be skirting the tax laws and could get you in trouble, definitely not worth it in the long run!
 
Keith Montgomery said:
You could start a knife business and then the knives you purchase would be a business expense.
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No they wouldn't. They would be considered an inventory purchase, which is not an expense. They would only become an expense at the time of the sale, which is called Cost Of Goods Sold. Also, a small fraction of the value each year can be recorded as an expense as the inventory depreciates.
 
Buy them as "art" to decorate your business. Put a Buck on display and take the Mayo home. A friend of mine did this with flat art a few years ago, posters in the office and the Picasso at home!

I've not tried this.

Win
 
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