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We purchased office equipment for a business less than a year old. Can we still 'claim' them as Depreciable Assets?
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February 1, 2021
10:52 AM
This answer has been verified for accuracy by an Intuit expert employee
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Deductions & credits
Yes, you can claim office equipment as Depreciable Assets in your business. Office equipment can be depreciated over 7 years. The Tax Cuts and Jobs Act of 2017 allows Special Depreciation of 100% of the cost of new equipment put in service in 2020. TurboTax will allow you to choose how to depreciate your office equipment.
February 1, 2021
11:20 AM