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Level 1

Solved

Business and personal use

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

My wife has a flue teaching business and she bought a flute for $15,279. I listed this as a business expense under ‘all other expenses’ (along with several other expenses.) The flue will be used for an estimated 60% business related purposes and 40% personal use. How do I reflect this in my taxes? Is there a place to list this percentage? Do I just list 60% of the cost of the flute? I just want to do the right thing. Any advice will be greatly appreciated.

Thanks in advance!

Bill

TurboTax Premier Windows

Best answer by MarilynG

Yes, you could list the flute as a Business Expense and put the amount at 60%, the business estimated usage.

You could also enter it as a Business Asset, and there you give the total cost and state the 60% business use. You have several elections to choose from in that instance.

Since it is an asset over $2500 you could also Depreciate it over several years.

Any of these is acceptable.

Click this link for more info about Managing Business Assets.

[Edited 03/23/2020 | 6:25 PM]

Level 15

Yes, you could list the flute as a Business Expense and put the amount at 60%, the business estimated usage.

You could also enter it as a Business Asset, and there you give the total cost and state the 60% business use. You have several elections to choose from in that instance.

Since it is an asset over $2500 you could also Depreciate it over several years.

Any of these is acceptable.

Click this link for more info about Managing Business Assets.

[Edited 03/23/2020 | 6:25 PM]

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