if i purchased work equipment on credit, at what point can i claim the deduction for my taxes? based on purchase date or payoff date? also, i have been told that a stolen automobile is deductible. is this true? what about child support paid out?
2007-11-02 16:29:32 · 9 answers · asked by Jay 2 in Business & Finance ➔ Taxes ➔ United States
if i purchased work equipment (tools) on credit, at what point can i claim the deduction for my taxes? based on purchase date or payoff date? also, i have been told that a stolen automobile is deductible. is this true? what about child support paid out? my son lives with me and i provide ALL of his support. but his mother still gets a check from me every week. don't ask me how that bass-ackwards system works
2007-11-02 16:42:30 · update #1
Work equipment is tax deductible if you were not reimbursed. Additionally, it depends on whether it is an "equipment" like a paper shredder or a piece of equipment like a computer; the paper shredder can be considered "supplies" so is deductible in the tax year that you paid for it.
If it's a big ticket item like a computer, you're better off checking with a tax accountant because businesses have to depreciate equipment whether in one lump sum or over its useful life. And it will depend on what your company's preference is and how they amortized equipment in the past.
As for your automobile it can be deducted as a theft or loss but only up to the amount that was not reimbursed by your insurance company.
Child support is not deductible.
2007-11-02 16:51:06 · answer #1 · answered by Blessèd™ 4 · 2⤊ 0⤋
A deductible purchase made on a credit card is deducted in the year it was put onto the card, not necessarily paid off. Non-reimbursed employee business expenses can be deducted if you itemize - you can only deduct the amount that's over 2% of your adjusted gross income.
You can take a casualty loss for the stolen automobile. You don't get to deduct the whole value though - see the instructions for casualty losses. And again, you can only deduct this if you itemize.
Child support isn't deductible in any case. Sounds like you should go back to court though on that one, if he's not just living with you temporarily, to get custody legally changed and the child support terminated.
2007-11-02 17:01:15 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
work related child support? What is your job?
seriously, no, child support is not deductible. If your support provides more than half the cost of the child, or you have an agreement with the other parent, you can claim the child(ren) as a dependent.
You MAY be able to claim a stolen car as a loss, but IF that is even possible it would depend on the circumstances.
If you purchased work equipment, it is up to the company to reimburse you and you don't get a deduction for that -- unless you are the company. In which case, you should have an accountant anyway, or an attorney
2007-11-02 16:37:14 · answer #3 · answered by Ruth C 7 · 0⤊ 2⤋
The date you purchased for the equipment is the year in which you can take the deduction, unless the equipment must be amortized. There is no deduction allowed for child support nor is it income to the recipient. As for the theft of the car the issue can be a bit complex. Briefly if it was your personal vehicle, not used for business, and you did not receive a reimbursement for the loss (or got less than it's value) you could have a deduction if you itemize your deductions.
2007-11-02 16:42:15 · answer #4 · answered by ? 6 · 4⤊ 1⤋
You really need to find a tax pro in your area.But here are a few things you claim the business equipment on the day placed in service(normally the date purchased)for the amount purchased for(the total cash amount not including interest), the if the credit is business credit the interest as an expense.if the stolen auto is a personal one generally the answer is no but there are exceptions.child support no
find a good tax professional in your area.
2007-11-02 16:37:30 · answer #5 · answered by Anonymous · 2⤊ 1⤋
Child support is not a tax deduction
Alamony is
Purchase date for the work equipment
don't know about the car
2007-11-02 16:33:38 · answer #6 · answered by just me 5 · 0⤊ 0⤋
OK,
1 the only amount you can deduct for your work equipment is what you paid the credit card company that tax year, and then claim the next year what you paid for that year.
No, a stolen automobile cannot be claimed on your tax return
Child support is not deductible, it is your obligation to supply that money to your child/children.
peace out
2007-11-02 16:35:13 · answer #7 · answered by Remy 4 · 0⤊ 4⤋
Purchase date, only if you were not reimbursed by insurance. Child support is not deductible for the payer and is not taxable for the payee..
2007-11-02 16:34:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
The date of the purchase is the date the credit is applicable. Child support is a legitimate deduction. Check with your car insurance company and they will put you on with a rep that knows the rules about that type of thing and may even transfer you to a specialist for your state about that type of deduction.
2007-11-02 16:34:56 · answer #9 · answered by gervoi 3 · 0⤊ 4⤋