Self Employed. Home/Business:
Following this piece of info on TT22: If you make an improvement to your business space or equipment that increases it's value or lengthens its life, you cannot deduct the full cost this year. Instead, you should write off the expense over several years.
How?
Computer purchased in 2019. It is being expensed from previous years. 2020, 2021.
Repair was $1000.
How do I expense the new expense 🙂
PS Clicking on the improvement links takes me to examples like adding a fence, paving a driveway, etc. to property.
You'll need to sign in or create an account to connect with an expert.
You should enter the repair as a new asset and indicate that it is computer equipment. Then you will be provided with various options to depreciate it, which may include an option to deduct it in the current year under section 179.
You should enter the repair as a new asset and indicate that it is computer equipment. Then you will be provided with various options to depreciate it, which may include an option to deduct it in the current year under section 179.
Thanks!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mkbd11
New Member
jpgarmon1
New Member
in Education
Alvarezsteve7
New Member
jessewampole
Level 1
mlsanders19
New Member