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Daycare and Taxes>Dining Room Table
Baby Beluga 09:38 AM 11-14-2018
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?
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TomCopeland 12:22 PM 11-14-2018
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.
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Baby Beluga 07:23 AM 12-03-2018
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!
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Tags:deduction - table, time space percentage, tom copeland
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