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Level 1

Question

Tax Preparation Expense for Computer

1 reply
330 views

I needed to buy a computer to run TurboTax. Can I deduct the cost of the computer?

Level 13

No. The cost of a computer used for personal tax preparation is not deductible. Under current tax laws, the deduction for miscellaneous itemized expenses, which previously covered tax preparation costs, has been permanently suspended for individual filers.

However, if you are self-employed or a small business owner, you can potentially deduct the computer as a business expense if it is "ordinary and necessary" for your work, but you must prorate the deduction based on the percentage of time the device is actually used for business versus personal tasks.