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Old 02-15-2014, 02:09 PM
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Kelly Kelly is offline
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Default Depreciation and rent

I have a couple questions for my taxes. First, depreciation really confuses me. I understand the basic idea but for some reason don't get the details. This year I bought a wall-mount for my TV ($141) and a cabinet for the dvd, wii, etc ($120). They are in the family room, which is also used for daycare so the business use is my time/space%, right? Am I supposed to depreciate them? If so, what method and convention?

Also, I rent a storage unit where I store daycare items (baby gear, seasonal items, etc.) as well as personal items so the business use it TS%. What expense category would this count under?
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Old 02-15-2014, 03:45 PM
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TomCopeland TomCopeland is online now
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Default Depreciation

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Originally Posted by Kelly View Post
I have a couple questions for my taxes. First, depreciation really confuses me. I understand the basic idea but for some reason don't get the details. This year I bought a wall-mount for my TV ($141) and a cabinet for the dvd, wii, etc ($120). They are in the family room, which is also used for daycare so the business use is my time/space%, right? Am I supposed to depreciate them? If so, what method and convention?

Also, I rent a storage unit where I store daycare items (baby gear, seasonal items, etc.) as well as personal items so the business use it TS%. What expense category would this count under?
You don't have to depreciate any item that costs less than $200. So, multiply your TV and cabinet by your time-space % and deduct it directly onto Schedule C. Call it "household items" on the back of Schedule C. Also, use your time-space % on your storage rental. Claim it under "Rent", line 20 on Schedule C.
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