03-21-2005, 06:21 AM
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 Re: No longer Self Employed - write-off or depreciation "selffiling[at]hotmail.com" <selffiling[at]hotmail.com> wrote: - quote - > I was self employed for Tax Year 2003 and had bought a
No> laptop which was used 100% for my consultancy business. I > claimed depreciation for the same on my year 2003 tax > return. > For tax year 2004, my status is that of a full-time student > and I am no longer self employed. I have following > questions: > 1. Is there any way to write off the amount of laptop that I > had bought for use in my consultancy business? - quote - > 2. Can I still continue to claim depreciation for the laptop
Depreciation is a BUSINESS deduction. You no longer have a> even though I did not have any income or expense for my > consultancy business in Tax Year 2004? business, hence you have no business deduction. - quote - > 3. Any other recommendation?
--David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-18-2005, 11:26 AM
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| No longer Self Employed - write-off or depreciation I was self employed for Tax Year 2003 and had bought a laptop which was used 100% for my consultancy business. I claimed depreciation for the same on my year 2003 tax return. For tax year 2004, my status is that of a full-time student and I am no longer self employed. I have following questions: 1. Is there any way to write off the amount of laptop that I had bought for use in my consultancy business? 2. Can I still continue to claim depreciation for the laptop even though I did not have any income or expense for my consultancy business in Tax Year 2004? 3. Any other recommendation? Regards << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| depreciation, employed, longer, writeoff |
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