I am currently trying to decide if I should upgrade to a new computer. If I buy this new computer and claim myself on my taxes, will it be a write-off for me since I am a college student?
2007-12-07 06:13:50 · 13 answers · asked by chief_clay77 2 in Business & Finance ➔ Taxes ➔ United States
I am an options trader and have made enough so that the write-off would be beneficial.
2007-12-07 06:22:25 · update #1
I'm afraid the answer is no.
College students get tax benefits by either claiming an education credit or the tuition and fees deduction for their qualified educational expenses. The defintion of qualifying educational expenses does not include books, computers, and other supplies, unless they must be purchased from the school as a condition of enrollment. That is rare.
Since your computer does not meet the definition of a qualifying educational expense, it cannot be used to compute either a credit or a deduction.
2007-12-07 06:45:28 · answer #1 · answered by taxreff 7 · 0⤊ 0⤋
I sincerely doubt that you will keep time logs showing the percentage of time the computer was used for personal use and the percentage of time the computer was used for business or investment purposes.
Even if you did, you would depreciated the computer over several years, only take the non-personal percentage, put it on the schedule A (with further limitations) and then if you are able to itemize, it might make a teeny, tiny difference.
As for being an options trader. Big whoop. You are a college student first, an investor second.
2007-12-07 06:30:27 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes you can. Since you're still in college you can be claimed as a dependent. If they provide more then half the support for ya then yes. Another thing that might effect your taxes is that you must claim that you have or can be claimed by another as a dependent. I think you'll get less of your taxes but you'll stay out of a lot of trouble.
2016-04-08 00:01:04 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Unfortunately, the cost of your computer does not qualify as a deduction because it is a computer for your personal use. A computer would be deductible in cases where the PC is used in business to generate business income.
2007-12-07 06:25:34 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You do not have enough expenses at 22 to itemize your deductions to gain that benefit. Furthermore, you cannot tax writeoff the purchase of a new computer.
2007-12-07 06:16:50 · answer #5 · answered by Calm 4 · 1⤊ 0⤋
No, being a student does NOT allow you to deduct a computer on your tax return.
2007-12-07 18:26:38 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
Unless you use the computer to provide income to a business, how can you write it off?
2007-12-07 06:16:24 · answer #7 · answered by Stache Man 6 · 1⤊ 1⤋
it's only deductible for businesses, not students and then you would have to depreciate it over 3 yrs
2007-12-07 06:19:08 · answer #8 · answered by Anonymous · 1⤊ 0⤋
as a student don't you claim 0
2007-12-07 06:17:45 · answer #9 · answered by lilith 3 · 0⤊ 2⤋
i'll ask you a question i just want to know what the hell you just said i don't understand?
2007-12-07 06:18:15 · answer #10 · answered by adamie 2 · 0⤊ 1⤋