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fultonfedtax
New Member

We purchased office equipment for a business less than a year old. Can we still 'claim' them as Depreciable Assets?

 
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JeffreyR77
Expert Alumni
Intuit Approved!

We purchased office equipment for a business less than a year old. Can we still 'claim' them as Depreciable Assets?

Yes, you can claim office equipment as Depreciable Assets in your business.  Office equipment can be depreciated over 7 years.  The Tax Cuts and Jobs Act of 2017 allows Special Depreciation of 100% of the cost of new equipment put in service in 2020.  TurboTax will allow you to choose how to depreciate your office equipment.

 

Depreciation of Small Business Assets

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1 Reply
JeffreyR77
Expert Alumni
Intuit Approved!

We purchased office equipment for a business less than a year old. Can we still 'claim' them as Depreciable Assets?

Yes, you can claim office equipment as Depreciable Assets in your business.  Office equipment can be depreciated over 7 years.  The Tax Cuts and Jobs Act of 2017 allows Special Depreciation of 100% of the cost of new equipment put in service in 2020.  TurboTax will allow you to choose how to depreciate your office equipment.

 

Depreciation of Small Business Assets

View solution in original post

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