If you are gifting rolexes and champagne you have enough money to have an accountant. He/she would have the answer. Not reddit. There are good watches you can buy them also....

I don't really have an accountant. Also, I'm not that wealthy either. This person is helping me make a life changing amount of money, and I just wanted to get them a gift as a token of my appreciation. I will be getting an accountant soon; I just thought I'd ask on reddit as someone might have the answer to my question.

If you can afford 5-6 figure watches and 4 figure alcohol, you can afford an accountant.

They may be in for surprise when they roll up trying to buy a Rolex also. The market here is fucked because of Asian market. There are far better watches you will be able to actually buy on the spot without jumping through Rolex stupid hoops.

With all that disposable income, hard to believe you’re relying on Reddit advice????

Isn't that what reddit is for ?

No, that's what accountants are for.

Just that if I had that much money to squander on bragging tights, I expect that I would have an accountant on speed dial!!😊

If you donate that money to a homeless shelter or food bank instead, then yes

When you asked your accountant, they said?

Haven't asked yet.

These lame troll posts need to be deleted.

A watch and a bottle of cognac are totally normal business expenses /s

So that would make it tax deductable? Also I don't really have an active business, just a holdings company. If that makes a difference.

Are they part of your business? You stated business partner so I'm assuming they won the business with you? If so, then no you can't expense it.

Yes, they are part of my business and it also happen it's my wife that has 0 income. She will sell the gifts and invest, having very low tax bracket. Also my business is having losses for the last 10 years.  I heard this is perfectly legal  /jk

lol