If I bought a laptop in 2017 for a business I since left & recently filed a new business (same industry) in 2018, should the asset be considered used from 2017, or 2018?

I bought a laptop I used for business purposes in August of 2017.

I left that company.

I filed a new company in the same industry on August 15, 2018. (a little over one year later.)

I am still using the same laptop, and have been since buying it in 2017. This laptop helped me start the new company.

In the Deductions section, it asks:

"When did you buy this asset (or start using it for business?)"

The examples given are a little confusing as to whether I should choose 2017 or 2018 for my circumstances.

324

1 Best answer

New Member

Jun 5, 2019 11:05:17 PM

Enter the date you began using it in 2018. The program is trying to figure out if it needs to take prior year depreciation, which it does not for this business.

New Member

Jun 5, 2019 11:05:17 PM

Enter the date you began using it in 2018. The program is trying to figure out if it needs to take prior year depreciation, which it does not for this business.

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If I bought a laptop in 2017 for a business I since left & recently filed a new business (same industry) in 2018, should the asset be considered used from 2017, or 2018?