Solved: I purchased my current camera equipment in 2017 prior to the formation of my business in 2018. Can I claim these as expenses for my 2018 return?
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I purchased my current camera equipment in 2017 prior to the formation of my business in 2018. Can I claim these as expenses for my 2018 return?

I purchased camera equipment (two camera bodies, two lenses, batteries, memory cards, etc) all of which I’m still using as my prinary equipment. I formed my LLC in 2018, can I claim this equipment on my 2018 return? 

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I purchased my current camera equipment in 2017 prior to the formation of my business in 2018. Can I claim these as expenses for my 2018 return?

No, you can only deduct expenses in the year in which they were paid.  

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Level 10

I purchased my current camera equipment in 2017 prior to the formation of my business in 2018. Can I claim these as expenses for my 2018 return?

No, you can only deduct expenses in the year in which they were paid.  

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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