legomom922 04:28 AM 03-22-2011
I understand this is for NEW items purchased in 2010. However, the book does not say if these items have to be $100 or more. So, does this rule only apply to items that cost more than $100? Or is it anything new I purchased? Including a new DVD player that was $98?
TomCopeland 07:39 AM 03-22-2011
Anything you buy that costs less than $100 you should deduct in one year (new or used), rather than depreciating. This is a general rule of thumb that has been accepted by the IRS for years.