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Get your taxes done using TurboTax
Yes, you may deduct the $1,020 slipcovers as expenses instead of depreciating them.
When items are purchased for a business, a decision is made whether it’s an expense that you deduct all of the cost now, or you deduct the cost over multiple years (depreciation).
There are two elections you can make. One is used to deduct items with a cost of $2,500 or less instead of depreciating. The second election deals with deducting improvements to business buildings.
These elections are available for Schedule C businesses, rentals, farms, and farm rentals.
- For 2020, items $2,500 or less
- For 2019, Building Improvements
- Why would I want to take these elections?
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February 9, 2021
5:31 AM
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