topic I bought a truck bed cover for work to keep baseball supplies safe. If I am an independent contractor (1099), wouldnt that classify as a work truck supply or improvement in Deductions & credits

I bought a truck bed cover for work to keep baseball supplies safe. If I am an independent contractor (1099), wouldnt that classify as a work truck supply or improvement

hotchicken1223 — Sat, 01 Jun 2019 17:51:22 GMT

Is your job as a contractor related to baseball supplies?

Zbucklyo — Sat, 01 Jun 2019 17:51:23 GMT

Is your job as a contractor related to baseball supplies?

Yes I’m a baseball coach

hotchicken1223 — Sat, 01 Jun 2019 17:51:24 GMT

Yes I’m a baseball coach

If this is a business expense, much would depend on wheth...

Coleen3 — Sat, 01 Jun 2019 17:51:26 GMT

If this is a business expense, much would depend on whether it was removable and could be used on another truck. If it can't, it is an improvement. It can be expenses under this election.

De Minimis Safe Harbor Election

This election for items $2,500 or less is called the De Minimis Safe Harbor Election. This election is an option you can take each year that lets you write off items $2,500 or less as expenses instead of assets. Expenses typically reduce your income by a larger amount than depreciating an asset over multiple years does. This means you could get a bigger refund.

If you decide to take this option, a form called De Minimis Safe Harbor Election will show up in your tax return. This election will apply to all your businesses, rental properties or farms.

Here are the rules you need to meet to take this election:

You don't have an applicable financial statement (most people don't).
You have a consistent process for how you record expenses and assets.
You record these items as expenses on your books/records.
The cost of each item as shown on your receipt is $2,500 or less.

It is removable, but all truck covers are. Should I just...

hotchicken1223 — Sat, 01 Jun 2019 17:51:27 GMT

It is removable, but all truck covers are. Should I just not put it. It was bought for my personal business to be clear

If it is a personal expense, it is not deductible. If bus...

Coleen3 — Sat, 01 Jun 2019 17:51:29 GMT

If it is a personal expense, it is not deductible. If business, you can depreciate or expense.