Yes.Under $500/item there's not really any reason to depreciate, just take it all in the year of purchase.Personal Use - technically you should only deduct the business portion, so you could apply a 10-50% personal use portion estimate and take that off the top before deducting it. Be sure to document this.You're supposed to have a policy in place for these types of things, but if you're small time the IRS will likely not mess with you.http://www.irs.gov/Businesses/Capitalization-v-Repairs-Audit-Technique-Guide
You really should consult a CPA.
He just did Viper : )
Quote from: viper155 on August 28, 2014, 01:46:30 PMYou really should consult a CPA.Quote from: Cheddar Stacker on August 28, 2014, 01:55:32 PMHe just did Viper : )Boom.I laughed out loud. :D
I'm glad you enjoyed that. I know I did. Hopefully viper was cool with my curt reply. Also, I'm happy to help if anyone has any other tax questions, so fire away.
I would gladly do that for you in exchange for some Real Estate mentoring. I have a lot to learn there.