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mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?


11 Replies
MaryK1
Level 9

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

You cannot claim both depreciation and business expense- however, in the TurboTax entry, you enter it as an asset and it should qualify for 179 in which case you deduct as a expense (it has to be reported as an asset but you get the business expense deduction) or bonus depreciation (which has the same effect).  So- technically it is an asset, but it may be treated as an expense.

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mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

Thank you for your response; can you tell me which way gives me the biggest deduction because I do not see the total of all my assets; I just see the depreciation cost which is much smaller.
MaryK1
Level 9

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

After you enter the info, it should prompt you if you want to take it as an expense or bonus depreciation amount- if you did not see it edit the entry and go through again.  Let me know if you don't see it.
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mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

Would you happen to know which way will provide me with a bigger deduction:  expense or bonus depreciation?
mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

The next question is "Do You Want to Deduct this item? Spread the deduction over several years or Deduct all or part of the item's value this year?
mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

It then show:  Your Asset Summary
mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

Finally return back to the Asset area so I can add other asset
mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

As a final, final, it take you to "current year depreciation report"
MaryK1
Level 9

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

So the question Deduct all or part of the item's value will allow you to expense
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mariedelus
New Member

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

Thank you very much for your help.
MaryK1
Level 9

Can I add my $700 business computer as both depreciation asset and business expenses? Or either or?

You are welcome.
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**Mark the post that answers your question by clicking on "Mark as Best Answer"
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