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fultonfedtax
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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! This answer has been verified for accuracy by an Intuit expert employee

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! This answer has been verified for accuracy by an Intuit expert employee

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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