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Hi Tom,
I have purchased your Record-Keeping Guide which has played an absolutely essential role in completing my taxes. I am currently using Turbo Tax (though probably will not next year as I like the results of my spreadsheets better).
My question is how do I depreciate the items purchased prior to starting my business per room. In the depreciation section, you outline how to list each room's assets and their current fair market value to depreciate them. Do you then need to insert each item into a separate line as a depreciable item? Or can you simply state that the depreciable is the 'Living Room'? In Turbo Tax, I don't see how this can be done as the only applicable category would be 'Other'; however, it also asks for the original date of purchase which varies for each item.
Will inserting each item, or conversely, inserting an item like 'Living Room' cause undue speculation on my return?
Thanks!
Tim
I have purchased your Record-Keeping Guide which has played an absolutely essential role in completing my taxes. I am currently using Turbo Tax (though probably will not next year as I like the results of my spreadsheets better).
My question is how do I depreciate the items purchased prior to starting my business per room. In the depreciation section, you outline how to list each room's assets and their current fair market value to depreciate them. Do you then need to insert each item into a separate line as a depreciable item? Or can you simply state that the depreciable is the 'Living Room'? In Turbo Tax, I don't see how this can be done as the only applicable category would be 'Other'; however, it also asks for the original date of purchase which varies for each item.
Will inserting each item, or conversely, inserting an item like 'Living Room' cause undue speculation on my return?
Thanks!
Tim
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