Boymom 12:40 PM 03-15-2016
I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!
Michael 09:47 PM 03-15-2016
TomCopeland 07:20 AM 03-16-2016
Originally Posted by Boymom:
I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!
A new rule says you can deduct in one year any item costing less than $2,500. See my article on this:
http://tomcopelandblog.com/clarifica...-the-2500-rule