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jayeff · 03-10-2004, 03:30 PM

The best answer you had yet in this thread is to go see a good accountant. Depreciation - rates and qualifying items - is a very complex topic. Sometimes you have to apply depreciation. Sometimes you may want to.

The IRS count as depreciable "property that wears out or becomes obsolete and it must have a determinable useful life substantially beyond the tax year." There are some basic requirements and rules about specific items, but generally you can expense up to around $100,000 during the year of purchase via a Section 179 deduction.

So the short answer is almost certainly that you can write off the $15,000, but there are several reasons it might be better to depreciate rather than to write off. To enhance your credit, you might want to show a higher income. Running a business you might want to sell, assets plus a higher income look good. An accountant who is advising you on tax planning might recommend it.

03-10-2004, 03:30 PM
jayeff Confirmed User Join Date: May 2001 Posts: 2,944	The best answer you had yet in this thread is to go see a good accountant. Depreciation - rates and qualifying items - is a very complex topic. Sometimes you have to apply depreciation. Sometimes you may want to. The IRS count as depreciable "property that wears out or becomes obsolete and it must have a determinable useful life substantially beyond the tax year." There are some basic requirements and rules about specific items, but generally you can expense up to around $100,000 during the year of purchase via a Section 179 deduction. So the short answer is almost certainly that you can write off the $15,000, but there are several reasons it might be better to depreciate rather than to write off. To enhance your credit, you might want to show a higher income. Running a business you might want to sell, assets plus a higher income look good. An accountant who is advising you on tax planning might recommend it.