I purchased a device needed for my business in December 2015, however I started the business in January 2016. Thus, I couldn't claim that expense on my 2015 return as I was not self employed in 2015 and it seems I can't claim it in 2016 either as it was purchased in 2015. How to deal with this?
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Yes, you can claim a depreciation expense for your business in 2016 related to this 2015 equipment purchased. You will enter this equipment as a new asset when entering your 2016 business income and expenses. When it asks for the date you started to use this new piece of equipment, you will use the date that you started the business as the date to start taking depreciation expense for this asset.
Yes, you can claim a depreciation expense for your business in 2016 related to this 2015 equipment purchased. You will enter this equipment as a new asset when entering your 2016 business income and expenses. When it asks for the date you started to use this new piece of equipment, you will use the date that you started the business as the date to start taking depreciation expense for this asset.
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