i'm wondering if i have to put them on my business personal property tax form
2007-01-29 16:12:14 · 4 answers · asked by Justin C 1 in Business & Finance ➔ Taxes ➔ United States
Yes they are personal property. Every state is different but the few which I have filed they were.
2007-01-29 16:19:20 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
Anything that you purchase that has a useful life greater than a year has to be capitalized and depreciated rather than expensed in the year of purchase. A desk and chair would be considered furniture & fixtures, which has a useful life of 7 years for regular tax purposes, and 10 years for AMT purposes, based on the MACRS class. When it comes to computer software, there are special rules related to it. Off the shelf computer software (i.e. Microsoft products, etc.) is considered to have a useful life of 3 years, only it is amortized straight line over years rather than depreciated. When you have customized software, or software that you create yourself, then it is amortized over 15 years.
2007-01-29 16:32:02 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
Yup, sure are!
Now, whether or not they're subject to business personal property taxes is up to the state. Contact your tax assessor's office and they'll be happy to assist you.
2007-01-29 22:46:45 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Some places consider only equipment in excess of $500. Check what the law is in your state.
2007-01-29 16:20:14 · answer #4 · answered by csucdartgirl 7 · 0⤊ 0⤋