# @edwardcollins_upleveled on Instagram

- **Type:** Video
- **Original URL:** https://www.instagram.com/p/DKSXd4yR39I
- **Gondola URL:** https://gondola.cc/posts/35104072-edwardcollins-upleveled-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/0ad6fccd39.jpg
- **Posted:** 2025-05-30T18:02:57.000+00:00
- **Account Owner:** Edward Collins | Money Lawyer & Wealth Strategist (@edwardcollins_upleveled) — https://gondola.cc/edwardcollins_upleveled

## Caption

When Is a Business Asset Not a Business Expense? 

Usually? 

Right around the time you first hear about it on social media. 
 
Let’s break this down. 
 
Yes, the IRS allows business owners to use business dollars to buy legitimate business assets. 

But here’s the qualifier: 

👉 Only if those assets are used for real business purposes. And only to the extent of that business purpose relative to any other purpose (i.e. limited to the prorated business use).
 
Let’s start simple: 

🚙 A vehicle? 

Historically accepted. 

Used for meetings, client visits, deliveries, team operations? That makes sense. Again, however, the deductions are limited to the percentage of actual business use. 
 
🛥 A boat? 

That’s where things get murky. 

Unless your business is the boat — like charter services or marine instruction — you’re walking a fine audit line. 
 
So what happens when a content creator buys a boat to “film videos” on it? 
 
Well… it might sound clever online. 

But here’s how the IRS sees it in an audit: 
 
What’s the substance of the purchase? 

Are you using this boat exclusively for business? 

Or are you using it as a toy… with a tax write-off disguise? 
 
The IRS and the courts aren’t fooled by “form.” 

They judge intent, necessity, and actual use. 
 
Sure — people love quoting Section 162(a) (the “ordinary and necessary” clause). 

But that’s just one piece of the puzzle. 
 
The full picture includes: 
 
Audit risk. 

Precedent-setting tax court rulings. 

Business purpose tests. 

Personal enjoyment analysis. 
 
This is why luxury-item write-offs get scrutinized — and often denied. 
 
Just because you can buy it with business dollars… 

Doesn’t mean it’s a legitimate business deduction. 
 
If you want to stay audit-proof, you need to learn the real rules of the game. 
 
👇 Drop the letters “GOB” in the comments and I’ll send you a free training that breaks it all down.
 
 
Credit (TikTok):
Mike Poarch – itsmikepoarch
 
 SF0678

## Stats

- **Views:** 38
- **Likes:** 388
- **Shares:** 0
- **Comments:** 35

## Credits

These are the roles credited on Gondola. Credits may be incomplete.
A brand, account owner, or featured person is not necessarily the creator.

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| Edward Collins | Money Lawyer & Wealth Strategist | @edwardcollins_upleveled | https://gondola.cc/edwardcollins_upleveled | Talent |
| Hector Garcia | @Hector_FilmSchool | https://gondola.cc/Hector_FilmSchool | Content Producer |

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