I have a laptop that is about to bite the dust. I use the laptop for %50 work %50 myself. I travel a lot with work so I am using it for e-mail and production. I work for a radio station so I edit shows and sound clips on the laptop.
Am I able to write any of this off on my taxes?
If so is there a limit on what i can/cant deduct?
2007-10-13 13:38:41 · 11 answers · asked by Charles 1 in Business & Finance ➔ Taxes ➔ United States
Yes, but it's not easy, and in a lot of cases you won't notice a change in your taxes.
According to the IRS, a laptop is "listed property" and has special rules about claiming deductions and depreciation. The IRS also considers a laptop to
First, you'll need to know the value of your laptop when you started using it for business (even partially). The value of a laptop "that is about to bite the dust" ain't much.
Laptops (and other computers) are depreciated over a five year period, so a $1,200 laptop will depreciate by $240 each year. Since the IRS allows depreciation based on the month the laptop is "placed in service", the $1,200 laptop actually depreciates by $20 per month.
If you don't have your own business to claim business expenses, you'll have to itemize your deductions as an employee business expense on Schedule A (the long form).
You can claim employee business expenses only if they are above 2% of your adjusted gross income. Unless you have lots of itemized deductions, claiming the business use of your laptop will only complicate your taxes.
2007-10-13 16:10:17 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Laptop Tax Write Off
2016-12-16 04:35:40 · answer #2 · answered by killeen 4 · 0⤊ 0⤋
1
2016-12-23 23:20:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Only if you have a legitimate business which includes a tax ID and business license. Just to say you have a business because you have a business card won't work. It is not something you can take 100% of the cost from off one year but rather depreciated over several years of usage. An accountant/CPA (also a tax write off) can assist you with several other tax write offs you are entitled to. For at least your first year of business make sure to get a competant attorney and CPA. Their services will end up helping you earn more money than their fees.
2016-03-12 21:25:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Maybe.
To be deductible, the computer must be for the "convenience of the employer", not your convenience.
Has your worked asked you to use your own laptop?
Either way, out of pocket expenses for work are an itemized deduction subject to 2% of your income so the actual tax effect may be minimal if not non-existant.
2007-10-13 15:50:11 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
You can write it off. Just don't tell anyone that you use it for personal use!
2007-10-13 17:05:10 · answer #6 · answered by bushnana 6 · 0⤊ 0⤋
You can definetly write it off on your taxes as long as you use to for business use.
2007-10-13 13:46:35 · answer #7 · answered by dormi22 3 · 0⤊ 3⤋
If you are a W2 employee, then you can't write any of it off.
If you are your own corporation or other legal entities (LLC, etc.), sole proprietor (Schedule C), a 1099 contractor (Schedule C) then you can write the whole thing off. If it is a 50/50 thing, you can write off 50%.
2007-10-13 13:44:09 · answer #8 · answered by Anonymous · 0⤊ 4⤋
the only way you can use this as a tax write off is if you use it 100% for work. even if you use it for 1% personal you cant use it.
2007-10-13 13:46:52 · answer #9 · answered by GG 7 · 0⤊ 5⤋
If you can prove it is for business, then it is deductible. If it cost you lots of $$$, you may want to depreciate it over 5 years.
2007-10-13 13:51:59 · answer #10 · answered by Mr. Prefect 6 · 0⤊ 3⤋