Do I Need to Depreciate?

[Boymom]

I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!

[Michael]

Maybe Tom Copeland can comment on this. I would think if you bought the furniture that is used in your business you can depreciate it as a time space percentage.
Her is more info on that: https://www.daycare.com/forum/tags.p...ace+percentage

[TomCopeland]

depreciation

I am confused about depreciation. Do I need to depreciate anything if I am just renting? Would I still need to depreciate couches, etc if they are more than $500? Forgive my confusion, but I'm new at all of this tax stuff and I'm going crazy ha!

A new rule says you can deduct in one year any item costing less than $2,500. See my article on this: http://tomcopelandblog.com/clarifica...-the-2500-rule