Deprecation & TS%

[LittleCupcakes]

I have a few questions!
This year I bought a camera that I use for both business & personal use. When I put it in Turbo Tax as an asset, it gives me $8 depreciation. Can I use my time/space % and deduct it's cost also? It was a $582 camera so my ts% would be $198! Same with a blu ray player...it gives me $2, but I paid $159 for it so my ts% would be $53.98.
& what would I put a swingset under? Thanks for your help guys! I don't know what I would do without you guys!

[TomCopeland]

Deeciation

You can use the 100% bonus depreciation rule for the camera, blu ray player and the swing set. This allows you to deduct the entire amount, after applying your time-space %. These are all 7 year depreciation items. See my article on the 100% rule:http://www.tomcopelandblog.com/2011/...-big-deal.html

[HappyPennie]

I have a question about my camera as well....I bought my camera in July and started my daycare in October. Can I still deduct my camera as I do use it for daycare, not just personal use, even though i bought it before my daycare started?

[TomCopeland]

Camera

You can depreciate any item you purchased before your business began and then start using in your business later. This includes a camera. It's a good idea to do an inventory of all items you had before you went into business and later used in your business (furniture, appliances, etc.). Here's an article I wrote on this: http://www.tomcopelandblog.com/2011/...ave-money.html