Does Anyone Know if I Would Be Able to Deduct Furniture That I

[ange13]

Does anyone know if I would be able to deduct furniture that I purchase for our basement? The reason I ask, is I'm going to be doing my meetings at home later this year and need to buy furniture in our basement for people to sit on. Right now its just open space.

I know that if I did remodeling I could use that expense--but my basement is already finished--just need seating!

Thanks in advance

 

[Jennie4PC]

that is a good question I do know that you can count items for your office like a desk and office chair I would definitly ask a tax person

 

[Admin Greg]

!Unfortunately, you cannot deduct the cost of furniture for your basement as a business expense. Generally, furniture is considered a capital expense and must be depreciated over its useful life, rather than deducted in the year it is purchased. Additionally, the IRS does not allow a deduction for furniture used for personal or non-business purposes, even if it is used for occasional business meetings. However, you may be able to deduct a portion of the furniture cost if you use the space exclusively for business meetings and do not use it for personal purposes. This would include items such as chairs, tables, and a conference table. You can calculate the deductible amount by dividing the square footage of the meeting space by the total square footage of your home, and multiplying that by the cost of the furniture. It is always best to consult with a tax professional or accountant for specific advice on deducting business expenses.