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Daycare and Taxes>2015 Asset Rule
NillaWafers 08:02 PM 04-04-2016
Just a quick question:
So the new rule for assets in 2015 is that if they are under $2500 you can write them off directly and don't have to depreciate them. I have some things I bought before 2015 that I definitely use for the daycare (namely a computer, Xbox one, dishwasher and a TV). Can I just write them off (T/S%) or do I have to depreciate since they were bought before 2015?

Thanks
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NillaWafers 09:30 PM 04-04-2016
Also, since I'm using turbo tax and these expenses were for before 2015, I'd deduct them on the startup costs page, yes?
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TomCopeland 04:49 AM 04-05-2016
Originally Posted by NillaWafers:
Just a quick question:
So the new rule for assets in 2015 is that if they are under $2500 you can write them off directly and don't have to depreciate them. I have some things I bought before 2015 that I definitely use for the daycare (namely a computer, Xbox one, dishwasher and a TV). Can I just write them off (T/S%) or do I have to depreciate since they were bought before 2015?

Thanks
Items you owned before you went into business must be depreciated, regardless of their cost. Items you purchased to get your business started, that were purchased before your business began cannot use the $2,500 rule unless they were purchased in 2015 or later.
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Tags:asset rule, irs, taxes
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