2006-12-05 08:19:28 · 14 answers · asked by clyde h 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Only if you need them for your job. Other than that, it would be like trying to write of pots and pans.
2006-12-05 08:24:01 · answer #1 · answered by parkdad73 1 · 0⤊ 0⤋
I assume that you are talking about tools as a construction worker or an auto mechanic.
If you pay such expenses out of pocket and do not get reimbursed by your employer and the tools have a useful life on one year or less then you can deduct the cost on form 2106 as an employee business expense.
If the tools have a useful life of more than one year you would be able to take depreciation of the cost each year as an employee business expense.
2006-12-05 09:02:19 · answer #2 · answered by waggy_33 6 · 1⤊ 0⤋
It depends. If these tools are necessary for your employment and your employer won't reimburse you for them, then you can deduct them as a miscellaneous itemized deduction on Schedule A (first, though, you have to fill in Form 2106-Employee Business Expenses, and move that number to Schedule A). The kicker here, though, is that 1) you have to be able to itemize and 2) even if you are able to itemize, you have to reduce your deduction by 2% of your adjusted gross income (AGI). So, let's say you had $1,000 of unreimbursed tool expenses, and you made $60,000 during 2006. You would have to reduce your $1,000 deduction by $1,200 (2% of $60,000), meaning that you get absolutely no write-off.
The moral of the story? Try to get your employer to reimburse you for tools that you need for work!
2006-12-05 08:27:54 · answer #3 · answered by SuzeY 5 · 0⤊ 0⤋
with any luck you've already got an accountant, as you'll favor one. It relies upon what type of commercial organisation you're beginning. I run a partylitecandle employer and that i will write off mileage to and from the activities, postages, paper and place of work elements, problems with that nature. back, thou search for a approved public accountant to get more advantageous specifics.
2016-11-30 04:32:23 · answer #4 · answered by ? 3 · 0⤊ 0⤋
If your employer requires that you provide your own tools, uniforms etc out of your own pocket, then yes they should be deductable. If however, you are bringing your own out of choice your employer has tools and you choose to use your own) then no it isn't
2006-12-05 08:28:57 · answer #5 · answered by rehobothbeachgui 5 · 0⤊ 0⤋
Generally, no.
Unless you use them at your business and you were required by your employer to furnish them. If that is the case, you must find the appropriate depreciation schedule. Personal-use property is never deductible.
2006-12-05 14:03:12 · answer #6 · answered by Lauren P 2 · 0⤊ 0⤋
I think you can, if you are required to have them to do the job. They can't just be tools for your personal work, they must be required by the job (at least it used to work this way, maybe better look it up at www.irs.gov).
2006-12-05 08:25:34 · answer #7 · answered by spelldine43 2 · 1⤊ 0⤋
No. See IRS rules at:
http://www.irs.gov/businesses/small/article/0,,id=109807,00.html
2006-12-05 08:23:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
if they are used in your field of work...my husband is an electrician at an auto plant and we claim anything he buys for work,from safety boots,to safety glasses to tools..theres a limit but every penny helps...im a nurse and my tax lady give us a deduction for laundry soap i use to was my uniforms,work related magazines etc
2006-12-05 08:23:31 · answer #9 · answered by charmel5496 6 · 0⤊ 0⤋
Well actually, if you at least do a job where you use your own tools, then you probably can.
2006-12-05 08:22:01 · answer #10 · answered by allknowing 4 · 0⤊ 0⤋