TAX loss Harvesting: Gym equipment, suppliments

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Topic Author
annu
Posts: 969
Joined: Mon Nov 04, 2019 7:55 pm

TAX loss Harvesting: Gym equipment, suppliments

Post by annu »

I have a unique tlh opportunity. End of last year, I felt I can be better and to make it happen, had to have some crazy expensive gym( mostly weight lifting) equipment and also why not order 2 years of supplements as there were bunch of sales going on.

They were all delivered while we were travelling, and I came back earlier and put them in garage, right under an old carpet that we need to get rid of, but do not have any other place. Now to be clear, that carpet fit all the stuff I had order perfectly, like a mini skirt fit, and I promptly forgot all about it.....

Now this weekend, we will be working on garage, to do some cleaning and I just realized what can and will happen. A lot of stuff I got, especially gym related, is atleast 20 to 30% cheaper if not more, I stopped after first few items....
Protien powders and other suppliments, will probably give me plague as they are 4 months old now and have been in damp area right next to a mystery box with some leftovers from I dont know when.....
So I have a day, maybe 2, before I need to figure out my tlh options....some e.g., I can use egg protein powder for grape wines and blueberry, almost like special fertilizer.....since I have burnt all the receipts, can claim it is better this way then real fertilizers....

But for 20 solid metal plates, ranging from 150 pound to 5 pounds, dumbells( it's just bunch of them), bunch of metal rods, a bench press setup, pullup bar and setup, a flipping punching bag and its stand, pair of boxing gloves, floor tiles that I "needed" to buy and put on my garage door to make it easy to exercise, but I feel I might have enough to tile our hones roof and still have enough left to do roofing again in 10 years, a heater as I needed that to exercise in winter, it gets cold....and a 12 feet mirror, as I need to be able to see all the gains.....I can use some help....

On a side note, I did decide to make our allocations go from 50/50 portfolio to 75/25 ( 75 stocks) November of last year, so need to be careful or I might have to tell her how I will like to be murdered from a list she might share with me.... if I am lucky....
Topic Author
annu
Posts: 969
Joined: Mon Nov 04, 2019 7:55 pm

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by annu »

Come on guys...not 1 person. I cannot find gyms which can do charitable donations...maybe thatis one option.....
Or if the market goes down another 20% tomorrow, this additional money I "spent" would be drop in the ocean....there is a silver lining with this dip afterall
Pinotage
Posts: 447
Joined: Sat Nov 12, 2011 6:02 am
Location: Springfield

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by Pinotage »

I've read your post three times, and I am still not sure I get it.

But I enjoyed reading it every. Single. Time.

The gist I am getting

- You bought some nutritional supplements and gym equipment
- A lot of this ended up under a carpet in your garage
- Some of those items are now less expensive
- You'd like to make some wine or maybe just fertilizer

And you'd like to make a charitable donation to a gym?

I'd say try a Church, or maybe Goodwill?

Keep us posted! :sharebeer
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2pedals
Posts: 1313
Joined: Wed Dec 31, 2014 12:31 pm

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by 2pedals »

I don't think this is a tax loss opportunity. If using just to stay in shape and build muscle you have very little legal rationale to deduct the loss. If you are not using it to treat a disease and didn't even use the equipment to do as such this is not legally allowed but I am no expert. You can try sell your equipment on Craigslist or a garage sale.
Topic Author
annu
Posts: 969
Joined: Mon Nov 04, 2019 7:55 pm

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by annu »

Pinotage wrote: Thu Mar 12, 2020 5:37 pm I've read your post three times, and I am still not sure I get it.

But I enjoyed reading it every. Single. Time.

The gist I am getting

- You bought some nutritional supplements and gym equipment
- A lot of this ended up under a carpet in your garage
- Some of those items are now less expensive
- You'd like to make some wine or maybe just fertilizer

And you'd like to make a charitable donation to a gym?

I'd say try a Church, or maybe Goodwill?

Keep us posted! :sharebeer
Yes, I bought stuff, never used them, wife will find out and world of hurt for me. I am using protien powders as fertilizers, have no idea about other stuff. Atleast cannot see a gym where I can donate all this crap and claim some money, at the same even I am questioning why I did this..I am happy it's fun read, if I srop posting atleast few of you know what happened
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watchnerd
Posts: 6148
Joined: Sat Mar 03, 2007 11:18 am
Location: Seattle, WA, USA

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by watchnerd »

I once tried to donate some weights to a YMCA and they said there were liability issues with them accepting used equipment.
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LookinAround
Posts: 260
Joined: Tue Mar 27, 2018 5:41 am
Location: Chicagoland

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by LookinAround »

Do you itemize Schedule A or use the standard deduction? For 2019 your Schedule A (which where you list charitable donations) must exceed $24,400 for a married couple.
krannerd
Posts: 117
Joined: Sat Jun 25, 2011 12:05 pm

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by krannerd »

For the equipment....craigslist. weights have a reasonable price per pound. It will be a loss....but better than donation.

For the supplements. Good luck.
Living Free
Posts: 581
Joined: Thu Jul 19, 2018 7:31 pm

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by Living Free »

Pinotage wrote: Thu Mar 12, 2020 5:37 pm I've read your post three times, and I am still not sure I get it.

But I enjoyed reading it every. Single. Time.
It was great. I loved the mini skirt analogy haha.

Keep 'em coming annu! :D
Pinotage
Posts: 447
Joined: Sat Nov 12, 2011 6:02 am
Location: Springfield

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by Pinotage »

Living Free wrote: Fri Mar 13, 2020 3:01 pm
Pinotage wrote: Thu Mar 12, 2020 5:37 pm I've read your post three times, and I am still not sure I get it.

But I enjoyed reading it every. Single. Time.
It was great. I loved the mini skirt analogy haha.

Keep 'em coming annu! :D
Yes please!

Also, to kind of tie everything together - if you create a Craig's list ad with similar panache (i.e. "Garage Full of Forgotten Mini Skirt Freeweights - Please Save me from my wife who has a list of ways to kill me") - this stuff will move in no time.
CFM300
Posts: 2034
Joined: Sat Oct 27, 2007 5:13 am

Re: TAX loss Harvesting: Gym equipment, suppliments

Post by CFM300 »

Trying to think outside the box here...

Maybe you could actually start using the equipment and improve your strength, health, and life expectancy?
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