Can I list all of my recording studio equipment and instruments for depreciation if I've owned it for years but just went into full time business with it in Aug. 2017?

apguitar · ‎June 4, 2019

IsabellaG · ‎June 4, 2019

Yes, you would be able to depreciate your equipment, with a cost basis of the lower of the cost or the fair market value as of the date you placed the assets in service for your full time business in August. That may take a little research on your part, but in most cases the Fair Market Value (FMV) is the amount you would use for depreciation.

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IsabellaG · ‎June 4, 2019

Yes, you would be able to depreciate your equipment, with a cost basis of the lower of the cost or the fair market value as of the date you placed the assets in service for your full time business in August. That may take a little research on your part, but in most cases the Fair Market Value (FMV) is the amount you would use for depreciation.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

apguitar · ‎June 4, 2019

Thank You!!

IsabellaG · ‎June 4, 2019

My pleasure!

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Can I list all of my recording studio equipment and instruments for depreciation if I've owned it for years but just went into full time business with it in Aug. 2017?