https://ttlc.intuit.com/community/tax-credits-deductions/discussion/had-to-buy-new-washer-and-dryer-for-my-in-home-massage-business-can-i-deduct-part-of-this-as-an/01/651559#M85206 Thu, 06 Jun 2019 08:51:59 GMT rkf1 2019-06-06T08:51:59Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/had-to-buy-new-washer-and-dryer-for-my-in-home-massage-business-can-i-deduct-part-of-this-as-an/01/651559#M85206 Thu, 06 Jun 2019 08:51:59 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/had-to-buy-new-washer-and-dryer-for-my-in-home-massage-business-can-i-deduct-part-of-this-as-an/01/651559#M85206 rkf1 2019-06-06T08:51:59Z https://ttlc.intuit.com/community/tax-credits-deductions/discussion/it-depends-an-asset-is-considered-anything-that-is-suppo/01/651569#M85208 <P>It depends. An asset is considered anything that is supposed to last over a year, and it gets depreciated over the useful life of the asset. The IRS allows companies to set a policy where anything under a certain threshold as an expense. For example if you company has policy where anything under $250 would be considered an expense, not matter what it was.</P><P>Chances are, the washer and dryer would be considered an asset, and would be reported as such in the business books and depreciated over the useful life of the asset. You can read more about asset depreciation here:&nbsp;<A href="https://www.irs.gov/publications/p946/" rel="nofollow" target="_blank">https://www.irs.gov/publications/p946/</A></P> Thu, 06 Jun 2019 08:52:01 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/it-depends-an-asset-is-considered-anything-that-is-suppo/01/651569#M85208 WillK 2019-06-06T08:52:01Z