Hello
So i recently started my own business and registered it as an S Corp. I already had a computer and other technology peripherals that i started using for my business now. I do not have the receipts for them anymore but now i use the computer mostly for my business. Can I expense/deduct the cost of the computer and other items?
- RS
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Yes, you can depreciate a computer that was put into service, even if you used it personally previously. If you convert personal property to business use, the basis will be the lower of: the fair market value at the time of the conversion, or. the cost plus any additions or improvements, and minus any deducted casualty losses, up to the time of the conversion.
Regarding bonus depreciation:
The definition of property eligible for 100 percent bonus depreciation was expanded to include used qualified property acquired and placed in service after Sept. 27, 2017, if all the following factors apply:
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