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Level 2
posted Feb 18, 2020 9:48:52 PM

I used an asset 100% for my business since I acquired it, however, the "business" was considered a hobby previously. Does this still count as 100% for the business?

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1 Replies
Expert Alumni
Feb 21, 2020 8:08:13 AM

If, in any particular year, your business meets the requirements to be considered a business, you may take depreciation for your assets. I would not recommend Section 179 or Special Depreciation if there is a doubt that it will waver between business and hobby for any given year.

 

Please see this LINK for more information.