Firewood and the Tax man?

So my wife is a CPA, and she is doing my books my business with home office now. Found out we owe more than we want to. I got to thinking how most people have gas and HHO bills. Is there any way for us hoarders to quantify our wood we gather for use as an expenses for tax purposes if used in a business or a home office where a 1/3 of home expenses are deductible?

Just curious....and kinda broke right now.

 

right now this tax thing has me doing this

 

Just my opinion, but I can't see why not. If you were to purchase your firewood, how much would it cost? Start with that figure.

I won't start thinking about doing my taxes until at least February to make sure the newer rules are in place. They always tend to change some at the last minute.

 

Took 3 minutes. I'm slow.

I buy firewood to heat my home. Can I enter this - TurboTax Support

 

I appreciate that and knew that if we bought it we could deduct or expense it. The problem for me is that I am the guy; I cut, split, stack, move 5 times, massage wood with coppertone in summer...... you get. I spend no money except on saws and gas.....

How do i quantify, is there anyone that does the whole firewood shebang like me that has a dollar number per cord to use as a reference?

 

I would imagine it would be based on what it actually cost the business to obtain the wood (gas, cost of buying wood, and labor you paid) and not the value of it.

 

Unfortunately, I think you would have a hard time trying to justify costs like that with the IRS. Can you imagine what type of expense forms we would all have?
I think the only dollar number per cord you can deduct is whatever you paid for the wood itself.

 

Have you tried buying it from your wife?

 

Unless you set up a separate business that was selling the firewood to your business space and you paid taxes on that business - technically NO

 

Have you tried having your wife C/S/S it for you?

Talk about a write off...you'd be writing off your marriage.

 

Doing that already as i also do smal tree removals as part of my handyman business, the saws are lumped into the business.

Well the final S she does help with. She's a trooper, on a good scrounge she'll come load as i cut..... and then stack as i split later. We are a team.

 

I just made a phone call and was told there is no problem with a tax deduction of the 1/3 of your heat expense, the problem is if your are ever audited they want receipts and a log book. So the safest way I would say is to log book your wood use in ink per month and deduct for the average going price per cord of wood in your area. Photo your css'ed for that physical year. The problem is you can't deduct what you haven't used yet this year and to back log books can be trouble. Ask any truck driver. FWIW

 

My wife runs a business in the home, and we deduct the percentage of whatever we pay for wood pellets, but I never gave any thought to trying to deduct an amount for firewood, as I've yet to pay anything for firewood.

Now that I think about it, it makes me wonder how much $$$ I may have left on the table over the years.

 

We still talking firewood here?

 

I think so, but.. never tried buying "it" from her. Makes me think though.

 

Wonder if you could write that off some way?