2015 Asset Rule

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • NillaWafers
    Daycare.com Member
    • Oct 2014
    • 593

    2015 Asset Rule

    Just a quick question:
    So the new rule for assets in 2015 is that if they are under $2500 you can write them off directly and don't have to depreciate them. I have some things I bought before 2015 that I definitely use for the daycare (namely a computer, Xbox one, dishwasher and a TV). Can I just write them off (T/S%) or do I have to depreciate since they were bought before 2015?

    Thanks
  • NillaWafers
    Daycare.com Member
    • Oct 2014
    • 593

    #2
    Also, since I'm using turbo tax and these expenses were for before 2015, I'd deduct them on the startup costs page, yes?

    Comment

    • TomCopeland
      Business Author/Trainer
      • Jun 2010
      • 3062

      #3
      $2,500 rule

      Originally posted by NillaWafers
      Just a quick question:
      So the new rule for assets in 2015 is that if they are under $2500 you can write them off directly and don't have to depreciate them. I have some things I bought before 2015 that I definitely use for the daycare (namely a computer, Xbox one, dishwasher and a TV). Can I just write them off (T/S%) or do I have to depreciate since they were bought before 2015?

      Thanks
      Items you owned before you went into business must be depreciated, regardless of their cost. Items you purchased to get your business started, that were purchased before your business began cannot use the $2,500 rule unless they were purchased in 2015 or later.
      http://www.tomcopelandblog.com

      Comment

      Working...