Dining Room Table

Baby Beluga · #1 11-14-2018, 08:38 AM

My dining room table has taken a beating!

If I purchase a new on before 2018 is over - I am able to still deduct a portion of it via time/space percentage, right? Or wrong?

TomCopeland · #2 11-14-2018, 11:22 AM

Quote:

Originally Posted by Baby Beluga

My dining room table has taken a beating!

If I purchase a new on before 2018 is over - I am able to still deduct a portion of it via time/space percentage, right? Or wrong?

If it costs less than $2,500 you can deduct the business portion in one year by attaching a statement to your tax return stating that you are electing this rule. Deduct it on Schedule C. If it costs more than $2,500 you can deduct the business portion in one year, using the 100% bonus depreciation rule by deducting it on Form 4562, 14.

Baby Beluga · #3 12-03-2018, 06:23 AM

Quote:

Originally Posted by TomCopeland

If it costs less than $2,500 you can deduct the business portion in one year by attaching a statement to your tax return stating that you are electing this rule. Deduct it on Schedule C. If it costs more than $2,500 you can deduct the business portion in one year, using the 100% bonus depreciation rule by deducting it on Form 4562, 14.

Thank you Tom!

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Daycare Room Setup - Advice Please!	Max	Daycare Center and Family Home Forum	3	04-05-2017 11:51 AM
100% Daycare Room?	Boymom	Daycare and Taxes	2	01-13-2016 04:54 PM
Toilet Trained to Move into the 3 Year Old Room?	Cindy	Parents and Guardians Forum	28	12-11-2014 04:23 AM
Location of Changing Table	SilverSabre25	Daycare Center and Family Home Forum	12	05-02-2013 05:47 AM
Need Advice PLEASE	Cozy_Kids_Childcare	Daycare Center and Family Home Forum	13	07-11-2012 07:59 AM