On Feb 23, 2:59�pm, Gary <ghorne2...[at]yahoo.com> wrote:
- quote -

with the cost of the stuff on your 2007 tax return?

Or, maybe, was it non-business use for 2007, and you're placing the
stuff into business use for the first time, now, in 2008?

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On Feb 23, 11:59 am, Gary <ghorne2...[at]yahoo.com> wrote:

- quote -

See publication 946.

http://www.irs.gov/publications/p946/index.html

I'd say all of the above are 7 year property (furniture), so they will
be written off over 7 to 8 years (first and last year may have half of
the usual annual depreciation if using the mid-year convention).

You might have to also write off the depreciation on the portion of
the home you use for business. Be aware that when you dispose of any
depreciated property, you have to recapture the depreciation. If you
buy an item for $500, depreciate it over 7 years, and sell it
afterwards for $50, you have gain of $50! Be aware of this when you
depreciate your house.


- quote -

You can watch TV on your computer too. I'm skeptical that the TV can
be written off. Technically, it can only be written off only if it is
100% for business.


- quote -

That seems fine, if it's used 100% for business. If you use it 40%
for business, you get to depreciate only 40% of it. Special rules
apply with the bonus and section 179 depreciation, most notably that
the business use must be more than 50%.

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Paul Thomas, CPA wrote:
- quote -

with a schedule c , or an employee, since he only said "in the Office
that I work out of".

No matter which category, the painting and television might not pass the
ordinary and necessary tests.

ChEAr$,
Harlan Lunsford, EA n LA

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"Gary" <ghorne2000[at]yahoo.com> wrote
- quote -





The "expensing" of equipment is accomplished through depreciation (Form
4562) over a number of years. For new assets acquired in 2008 you can take
50% "bonus" depreciation on the cost in addition to the regular depreciation
on the remaining balance. It's possible to take Section 179 and deduct the
full amount, subject to limitations, the one that catches folks most often
is having sufficient profits.

Equipment, furniture, etc you bought in a prior year may not be eligible for
Section 179, although you can take regular depreciation, etc. on that
equipment.

If this is for your business, then the deductible amount flows from the 4562
to your Schedule C.








--
Paul Thomas, CPA
Watkinsville, Georgia

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I purchased about 5k of Home Office Furniture that I use in the Office
that I work out of, but the purchase was made in 2007. How do I write
it off ? Below is a list of the items:

BookCases - I have 2 of these
Desk
Chair
Rug
Paintings - 2

Also, I have a wall mounted TV, can that be written off as well (I
watch a little TV while I work)?

I wrote off the computer equipment that I bought, but I was not sure
if I could write this off.

Thanks

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >