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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 02-06-2013, 07:41 AM
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awestbrook713 awestbrook713 is offline
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Default Depreciation when you've gone out of business.

Can I still claim depreciation if I went out of business before the end of the year?

If I can:
Can I still claim depreciation on items such as the new water heater we had to buy or the multi purpuse printer. Both items were bought while in business. Can I use the 50% bonus depreciation rule on these items.
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Old 02-06-2013, 10:34 AM
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TomCopeland TomCopeland is online now
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Default Depreciation

Yes, you can still claim depreciation even though you went out of business before the end of the year.
That includes your water heater and printer. Yes, you can use the 50% bonus depreciation rule on eligible items.

Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab
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