If New TV In Living Room Was Given As A Gift, Is It Tax Deductible At All?

[3kids&adaycare]

I occasionally have my daycare kids watch age appropriate TV shows and/or movies in the living room. My parents bought my family a new flatscreen TV for the living room for Christmas.

Can I deduct any portion of the TV on my taxes even though it was a gift and I didn't pay for it? I don't think I can, but just wanted to check since I'm going through all of my 2013 receipts

Thanks!

[sharlan]

No, you didn't pay for it.

[TomCopeland]

gift

I occasionally have my daycare kids watch age appropriate TV shows and/or movies in the living room. My parents bought my family a new flatscreen TV for the living room for Christmas.

Can I deduct any portion of the TV on my taxes even though it was a gift and I didn't pay for it? I don't think I can, but just wanted to check since I'm going through all of my 2013 receipts

Thanks!

Yes, you can deduct it. The fact that you didn't pay for it doesn't matter. You can take the value of the gift and use the 50% bonus depreciation rule.

[Unregistered]

An what do you then use for a receipt if you got it as a gift?

[TomCopeland]

receipt

An what do you then use for a receipt if you got it as a gift?

Either take a picture of it and estimate the cost or ask the parent where they got the tv and look it up on the company website and print out the page showing the tv and its price.