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krabs5
New Member

Self employed and bought a business laptop using my parents credit card. Since I paid them back the full amount, can I write it off as a one time expense?

 
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DDollar
New Member

Self employed and bought a business laptop using my parents credit card. Since I paid them back the full amount, can I write it off as a one time expense?

Yes, that is a valid business expense which you can deduct.  Do so, you should use the De Minimus Safe Harbor.  Do not enter it as an asset.  Enter them under the expense section. To take the election, you will need to go to the Asset Entry section and answer the applicable interview questions.  On the screen "Now, let's review each item you bought"  you have two choices:

  1. Every item i bought costs $2,500 or less.  (If you select this option you'll the following):
  • Next you'll see the main list of topics for your business.  Be sure to choose an expense topic to enter your items as other expenses.

   2. Some items I bought cost $2,500 or less and some cost above $2,500.

  • If you choose the second item and click Continue you will be taken through the interview section for adding Asset purchases above $2,500.  When you've gone through the asset entry section you'll be at the Business Income and Expenses landing page where you can select Other Common Business Expenses and enter your expenses, including those covered by the Safe Harbor elections.

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2 Replies
DDollar
New Member

Self employed and bought a business laptop using my parents credit card. Since I paid them back the full amount, can I write it off as a one time expense?

Yes, that is a valid business expense which you can deduct.  Do so, you should use the De Minimus Safe Harbor.  Do not enter it as an asset.  Enter them under the expense section. To take the election, you will need to go to the Asset Entry section and answer the applicable interview questions.  On the screen "Now, let's review each item you bought"  you have two choices:

  1. Every item i bought costs $2,500 or less.  (If you select this option you'll the following):
  • Next you'll see the main list of topics for your business.  Be sure to choose an expense topic to enter your items as other expenses.

   2. Some items I bought cost $2,500 or less and some cost above $2,500.

  • If you choose the second item and click Continue you will be taken through the interview section for adding Asset purchases above $2,500.  When you've gone through the asset entry section you'll be at the Business Income and Expenses landing page where you can select Other Common Business Expenses and enter your expenses, including those covered by the Safe Harbor elections.

View solution in original post

krabs5
New Member

Self employed and bought a business laptop using my parents credit card. Since I paid them back the full amount, can I write it off as a one time expense?

Thank you, this was just the answer I was looking for!
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