Dining Room Table

[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?

[TomCopeland]

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]

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!