Let’s say that I have this one movie that is finished that I spent 80 million to make. I decided to “write it off”. So when I get to pay my taxes, do I get a 80 million discount?
Let’s say that I have this one movie that is finished that I spent 80 million to make. I decided to “write it off”. So when I get to pay my taxes, do I get a 80 million discount?
Expense, not deduction. If you profited $100k on the sake of your house but had to spend $50k on repairs, you’ve only made $50k. The write off is subtracting the related expenses from income in order to calculate the actual profit