I bought a laptop in 2016 and neglected to take any deductions for it. It was gradually paid off with monthly payments that began in 2016 and ended part-way through 2017. How should I claim a deduction for it?
To claim a deduction for the 2016 laptop used in business, you can amend the tax return for that year. A new laptop would qualify for a 179 deduction and/special depreciation allowance making it possible for you to recover the entire cost in that year (if you had a profit)
Or you can claim depreciation of 5 years or some combo of depreciation and the the 179/special depreciation allowance.
Those would make sense if I had fully paid for the laptop in 2016. But, as I noted, I paid for it over time, beginning with some payments in 2016 and ending with some in 2017. So how to deal with this situation?