View Single Post
TomCopeland 08:42 PM 03-27-2011
To depreciate items purchased before your business began estimate their value at the month your business did begin. What would a stranger pay you for it? Use a thrifty store or garage sale price. It's worth doing. If the total value of your household items was $10,000 and your time-space % was 40%, the business portion would be $4,000. Depreciated over 7 years this equals about $570 a year in business deductions.
Reply