depreciation

[Unregistered]

I have no idea if we have ever deducted/depreciated any of our furniture............what if we haven't and do so for 2015 (just took everything to the accountant).I think I want to do a toal inventory and start with that.............. What we have already done so how do we find that info out....I know we recently threw out years of old tax info (any over 10 yrs old) and we hasve not claimed furniture (that I know of before that). We need anty break we can get right now. I did get this years tax companion(and sent to acct.). thnaks al

[TomCopeland]

Depreciation

I have no idea if we have ever deducted/depreciated any of our furniture............what if we haven't and do so for 2015 (just took everything to the accountant).I think I want to do a toal inventory and start with that.............. What we have already done so how do we find that info out....I know we recently threw out years of old tax info (any over 10 yrs old) and we hasve not claimed furniture (that I know of before that). We need anty break we can get right now. I did get this years tax companion(and sent to acct.). thnaks al

You are entitled to depreciate all household items you owned before you went into business that you then use in your business. This includes hundreds of items from furniture and appliances to tools, rugs, pots and pans, garden hose, etc.

If you haven't claim this in past years, file IRS Form 3115 to claim all the past depreciation that you didn't claim earlier. Here's an article I've written about this: http://www.tomcopelandblog.com/2011/...ductions-.html