Tag Archives: Depreciation

Selling Your Home Office

Today TaxMama hears from Jon in Colorado, who’s been listening to friends. “My wife and I have a small business that we operate from our house in the country. We moved here eight years ago because it had a large detached four-car garage (1,100 SF), which we use as our studio. We also use two […]

Packing it In

Today TaxMama hears from Richard in McAllen Texas, who asks: “I am in the process of starting up a moving and packing business. It was my intention to purchase one or two used trucks—the type that the truck rental firms sell off after they have depreciated them to their fullest. My question: Will used vehicles […]

Child Care Business

Today TaxMama hears from Beverly in AK, who tells us, “I’m starting a daycare center and was wondering which of the items I purchase that can be deducted?”

Staying Afloat

Today TaxMama hears from Shirley in Florida, who has this problem. “In 2002 a boat I’ve owned since 1986 ran aground.I had used it as a business to run charters. My insurance paid me $10,000 to have it towed to dry dock repairs. The depreciated value at the time of the accident was $3,000. Extensive […]

Depreciation Dilemma

Today TaxMama hears from Diana who grumbles, “I tried to list a new laptop using Section 179 for my new business.buy aciphex generic https://buynoprescriptiononlinerxx.com/aciphex.html over the counter The Feds were OK. But I could not list the full amount on the California return due to their lower Section 179 limits, so I left it off […]

Paying For Losing

Today TaxMama hears from Gina in Canton, MI, who tells us, “12 years ago, we (8 couples) bought a condo for $280,000 at Atlantic City, NJ for investment (as a partnership). Five years after that, the price dropped to $120,000. But, last year the price bounced back to $240,000. So, our partnership decided to sell. […]

Domain Dilemma

Today TaxMama hears from Jason in Brooklyn, NY who has a quick question.buy grifulvin online https://apwh.org/wp-content/languages/new/grifulvin.html no prescription “Over how many years do you depreciate a website?buy strattera online https://apwh.org/wp-content/languages/new/strattera.html no prescription ”

Not Entertaining

Today TaxMama hears from Deb in NY whose husband is up to no good. “My husband insists that he can deduct the cost of his laptop and WiFi service as a part of ‘meals & entertainment’. Please tell me if this is true. I have no desire to get one of those ‘we’ve adjusted your […]

Rentals Sort of

Today TaxMama hears from Doug in Alaska who has this tale of woe. “We have an apartment downstairs, that my wife and I have rented for the last three years.https://diwa.gimpa.edu.gh/wp-content/languages/new/get-paid-to-write-essays.html We decided that rather than put my ailing father-in-law into assisted living we could set him up in our unit below, where hospice and other […]

Used Equipment

Today TaxMama hears from John on the Internet who wants to know “I am purchasing some used equipment for my business. It has been fully depreciated by the previous owner. What depreciation schedules do I follow for used assets?https://www.pharmalucence.com/wp-content/languages/new/cialis.html For example, if I buy an asset that has a 7 year life but it is […]

Selling Home Office

Today TaxMama hears from Ray, who tells us, “I just saw the article on deductions for a home office on WomensWallStreet.com. Something I learned last year from my tax advisor that needs to be disclosed is that when you sell your home, you get hit with Capital Gains tax on that home office location. In […]

Packing it In

Today TaxMama hears from Richard in McAllen Texas, who asks: “I am in the process of starting up a moving and packing business. It was my intention to purchase one or two used trucks—the type that the truck rental firms sell off after they have deprecitated them to their fullest. My question: Will used vehicles […]