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forThose That Have Deducted Laptops and Printers on Their Taxes?

In summary, you can deduct a portion of the cost of your laptop and printer on your taxes as a business expense, but not the full cost. It is important to keep all receipts and documentation to support your deduction, including original purchase receipts and any repairs or upgrades made to the equipment. If you use the equipment for both personal and business purposes, you will need to determine the percentage of business use and only deduct that portion. There are limitations on the amount you can deduct for equipment used for both personal and business purposes, and the equipment must be necessary and ordinary for your business. As a self-employed individual, you can deduct the cost of your laptop and printer as a business expense, but the same limitations and rules apply for personal and business
jrstephens
jrstephens
7,133
Did you deduct the total or did you have to depreciate it? I have been reading up on it and I think I will have to depreciate if I am reading right. I need to download a different Publication for more information at this point.

I do not think I want to go to the trouble of depreciating and having to show how I disposed of it, if I quit selling PC before it is completely depreciated. Sounds like a bunch of trouble for not a lot of return.

What did yall do? I need your many words of wisdom speaking from experience!
 
I depreciated the entire amout, so I can't claim it on future taxes. I don't have any wisdom about why I did it that way, other than that is what the tax lady told me I should do. :eek:
 
ThanksIt ultimately depends on your specific situation and tax laws in your area, so it's best to consult with a tax professional or accountant for personalized advice. Generally, the cost of a business asset can be deducted in one lump sum under certain conditions, while larger assets may need to be depreciated over time. Depreciation allows you to deduct a portion of the asset's cost each year, taking into account its expected useful life. If you're unsure about whether to deduct or depreciate, speak with a professional to determine the best approach for your business.
 

Related to forThose That Have Deducted Laptops and Printers on Their Taxes?

1. Can I deduct the full cost of my laptop and printer on my taxes?

No, you can only deduct a portion of the cost as a business expense. The amount you can deduct depends on the percentage of personal and business use of the laptop and printer.

2. Do I need to keep receipts for the laptop and printer I am deducting?

Yes, you should keep all receipts and documentation to support your deduction. This includes the original purchase receipt, as well as any repairs or upgrades made to the equipment.

3. What if I use my laptop and printer for both personal and business purposes?

In this case, you will need to determine the percentage of business use and only deduct that portion of the cost on your taxes. This can be determined by tracking the amount of time the equipment is used for business tasks versus personal tasks.

4. Are there any limitations to deducting laptops and printers on my taxes?

Yes, there are limitations on the amount you can deduct for equipment used for both business and personal purposes. Additionally, the equipment must be necessary and ordinary for your business in order to qualify for a deduction.

5. Can I deduct the cost of my laptop and printer if I am self-employed?

Yes, as a self-employed individual, you are able to deduct the cost of your laptop and printer as a business expense. However, the same limitations and rules apply regarding the percentage of personal and business use.

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