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

[mariedelus]

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

[MaryK1]

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.

[mariedelus]

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]

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.

[mariedelus]

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

[mariedelus]

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]

It then show:  Your Asset Summary

[mariedelus]

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

[mariedelus]

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

[MaryK1]

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

[mariedelus]

Thank you very much for your help.

[MaryK1]

You are welcome.