I want to buy a computer and deduct it off my taxes (it's for my business.) Can I buy online today and deduct it or does it only count for the day it gets shipped?
I'm talking a large site like BestBuy.
2006-12-31 06:58:41 · 10 answers · asked by Solunas 4 in Business & Finance ➔ Taxes ➔ United States
You can deduct it when it is put in service for the business. The year you purchase it is not necessarily the year you deduct it. If you tried to put this purchase into your tax return, you would indicate that the date of purchase was 12/31/2006 and the date it was put in service was 12/31/06, which obviously isn't the case.
So I would have to say no, it would not be a business deduction for 2006.
Edit: A computer used 100% for business may be expensed in the year it is put in service and does not have to be depreciated.
2006-12-31 07:03:49 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
I believe it has more to do with when you pay, not just when you buy. For example if you are making house payments and you make your Jan. 07 payment in Dec 06, that portion of the payment that is interest is deductible on your 06 return.
2006-12-31 07:09:20 · answer #2 · answered by goodforwho 4 · 0⤊ 0⤋
It's pushing it a bit. You can place your order, print the confirmation showing today's date and use that for your documentation, but it might not stand up to an audit. Try it! What are the chances of an audit, anyway -- and if they disallow it later, you'll just owe the taxes on that small dis-allowed deduction.
2006-12-31 07:04:43 · answer #3 · answered by hatchland 3 · 0⤊ 0⤋
a computer is an asset that can be depreciated - and date placed in service is what counts. moreover, the expensing provisions of section 179 allow for assets up to a certain amount to be expensed rather than depreciated. but the key date remains the placed in service date not the date of purchase.
2006-12-31 09:07:32 · answer #4 · answered by cfo answerman 1 · 0⤊ 0⤋
Yes, if this is for your business you can buy it today, online, with a credit card, and write it off for 2006. If it was a personal expense/writeoff you'd have to use the date that you pay off your credit card which would be a date in 2007.
2006-12-31 07:19:00 · answer #5 · answered by Dr_Sus 2 · 0⤊ 1⤋
No, i have a few days ago i bought 2 cds and sims 2 bon voyage, both from ebay i dont think the cds would have been able to buy in the shops and bon voyage was £8.51 when it would have been £20 in the shops.
2016-03-29 02:11:10 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If you bought it today and printed your reciept that said, purhcased 2006 it would be a 2006 purchase.
There are other considerations like 179 and the like but it should be okay
2006-12-31 07:42:45 · answer #7 · answered by Jerry 3 · 0⤊ 0⤋
A computer can not be deducted as a "business expense". Computers have to be depreciated over a three-year period. Printers can be deducted, but computers are depreciated.
2006-12-31 07:04:57 · answer #8 · answered by Anonymous · 0⤊ 2⤋
I agree with ninasgramma. The crucial point is when it was placed in service. I believe it would be different if you bought, for instance, supplies and you record income and expenditure on cash basis.
2006-12-31 07:10:26 · answer #9 · answered by skip 6 · 0⤊ 0⤋
YES
2006-12-31 09:24:17 · answer #10 · answered by Anonymous · 0⤊ 0⤋