dmrpu 09:19 AM 02-02-2014
In March one of my 2 yr old daycare children threw a plastic toy at my TV. The sound worked but the picture was gone. I had to buy a new TV. The mom has no money and is struggling to pay her own bills. I ended up buying a new TV and paying for it. How do I claim this on my taxes this yr?
daycare 12:35 PM 02-02-2014
Originally Posted by dmrpu:
In March one of my 2 yr old daycare children threw a plastic toy at my TV. The sound worked but the picture was gone. I had to buy a new TV. The mom has no money and is struggling to pay her own bills. I ended up buying a new TV and paying for it. How do I claim this on my taxes this yr?
I am no tax expert, but I believe that you would just claim it with time space %.
Unfortunately, things getting damaged or broken is part of this business. Unless you use this TV for 100% business use, then I would think that you can only claim it as T/S%.
Hope this helps
TomCopeland 12:50 PM 02-02-2014
Originally Posted by dmrpu:
In March one of my 2 yr old daycare children threw a plastic toy at my TV. The sound worked but the picture was gone. I had to buy a new TV. The mom has no money and is struggling to pay her own bills. I ended up buying a new TV and paying for it. How do I claim this on my taxes this yr?
If you were depreciating the old tv and have not fully depreciated it, claim all the remaining years of depreciation on it on your 2013 taxes. Multiply the cost of your new tv by your time-space %. You can use the 50% bonus depreciation rule on the new tv.
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