WImom 04:38 AM 02-10-2012
We put in a 4ft cheap fence in 2010 and used it until spring of 2011. We had to move my outdoor fenced space due to flooding issues and when moving the fence alot of it got broken so we ended up purchasing a whole new much nicer fence.
What do I do on my taxes for the old fence?
BTW - that was a great webinar last night. I learned sooo much and so glad I didn't pay the $3400.00 yet I was told by the tax guy I owed! I get to use that bonus depreciation and some other stuff you talked about now!!
LittleCupcakes 06:57 AM 02-10-2012
What about when you have to buy a saw to build the fence? Can you use your time/space%?
TomCopeland 07:39 AM 02-10-2012
Originally Posted by WImom:
We put in a 4ft cheap fence in 2010 and used it until spring of 2011. We had to move my outdoor fenced space due to flooding issues and when moving the fence alot of it got broken so we ended up purchasing a whole new much nicer fence.
What do I do on my taxes for the old fence?
BTW - that was a great webinar last night. I learned sooo much and so glad I didn't pay the $3400.00 yet I was told by the tax guy I owed! I get to use that bonus depreciation and some other stuff you talked about now!!
If you were depreciating the old fence, claim all the remaining depreciation in 2011 on Form 4562, line 17.
TomCopeland 07:40 AM 02-10-2012
Originally Posted by LittleCupcakes:
What about when you have to buy a saw to build the fence? Can you use your time/space%?
You can deduct the time-space % of the saw or other tools you use to build items used for your business.