Quote:
Originally Posted by TobaccoKing4
...if you were going to continue to purchase cards with the intent to sell them so that you could write off the purchase price as a business expense and not wait until you sell the card to make this official tax wise.
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That's not how it works. When you have a business, anything you buy goes into inventory. You only get to "write off" the cost of what you sell during the year.
Man, there's a lot of misinformation out there. I need to work up a business plan.
Bill