Question for Tom!

[Unregistered]

Tom,
I purchased a new iphone in 2015. I do not use a landline and I use this phone for personal and business. I know I can deduct the cost of the phone but do I do a depreciation or a schedule c expense? The phone cost $295.

[Unregistered]

One more question to add to this, I can no longer find the receipt for the phone, but I purchased it at Target with my Target debit card. The Target statement does not indicate what the purchase is, but I know exactly which one it is because we bought my husbands there as a separate transaction and the dollar amounts are the same. If I print out the statement with dollar amounts even though it does not indicate what the item is, can I still claim it and use the statement as proof?

[Michael]

You may find the answer to your first question here: https://www.daycare.com/forum/tags.p...n+-+cell+phone

[TomCopeland]

phonw

Tom,
I purchased a new iphone in 2015. I do not use a landline and I use this phone for personal and business. I know I can deduct the cost of the phone but do I do a depreciation or a schedule c expense? The phone cost $295.

You can deduct in one year the cost of any item that is less than $2,500. Use your time-space%. Write a note on the receipt identifying it as the phone. If this is the only phone line into your home, you can deduct the cost of the phone, but not the monthly fee.

[Unregistered]

Thanks Tom! Do I use the schedule c form or do I have to depreciate the phone?

[Thriftylady]

Thanks Tom! Do I use the schedule c form or do I have to depreciate the phone?

No depreciation since it is under $2500.

[TomCopeland]

phone

No depreciation since it is under $2500.

This is correct.