topic Can I list all of my recording studio equipment and instruments for depreciation if I've owned it for years but just went into full time business with it in Aug. 2017? in Business & farm

Can I list all of my recording studio equipment and instruments for depreciation if I've owned it for years but just went into full time business with it in Aug. 2017?

apguitar — Tue, 04 Jun 2019 19:32:02 GMT

Yes, you would be able to depreciate your equipment, with...

IsabellaG — Tue, 04 Jun 2019 19:32:03 GMT

Yes, you would be able to depreciate your equipment, with a cost basis of the lower of the cost or the fair market value as of the date you placed the assets in service for your full time business in August. That may take a little research on your part, but in most cases the Fair Market Value (FMV) is the amount you would use for depreciation.

Thank You!!

apguitar — Tue, 04 Jun 2019 19:32:07 GMT

Thank You!!

My pleasure!

IsabellaG — Tue, 04 Jun 2019 19:32:08 GMT

My pleasure!