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For A Low Value Asset (less Than $100) Being Expensed Rather Than Depreciated, Can The Expense Be Taken In A Subsequent Year Of Use If Not...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Any expense must be deducted in the year in which it is placed in service unless you are a cash basis taxpayer. In that case, it would be deducted in the year in which it was paid for. If the purchase is placed on...   Read More
Did Not Previously Realize Could Take Deduction For Computer, Etc. W/o Taking Home Office Deduction.Rather Than Do Form 3115 Can I Start...
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

No, changing from not taking depreciation to taking depreciation is a change in accounting method which must be reported on Form 3115.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

1. Yes, you may provide a portion of the fee as housing allowance. The fact he is local is of no consequence in this case. 2. This is not really a factor here. He is leading in worship, which does not have to...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

It's not a matter of what I think, it is the law that is important here. First, increasing your net operating income by not taking depreciation actually decreases your cash flow as you are paying more tax....   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Credit card rewards are considered as discounts by the IRS. Therefore, they are not taxable. However, If the purchase is for something that is a tax deduction, the cost of that item should be reduced by the amount...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

Technically you can deduct depreciation on the second computer. However, you state that it is "old." Assuming that it has been in service for more than a year, you have, by default, chosen not to depreciate the...   Read More
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

If the cost was under $2,500 you should be able to expense it under the new tangible property regulations.   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

The home office deduction is for square footage of floor space. The shelving is not a part of the house, so you cannot take a home office deduction based on the information you have provided.   Read More


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