You must list the furniture as a business asset and elect the depreciation method. If the asset is less than $2,500, you may expense it using the safe harbor election. You may also opt for Section 179 or bonus depreciation. Keep in mind, when you take 100% of the depreciation in the current year, you do not have any expense to carry forward into future tax years. Use depreciation as a tax strategy. If you already have adequate expenses to limit your business income, you may want to use some of that depreciation in the future.
Business Safe Harbor Election
Depreciation of Business Assets
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