I use my personal computer and computer equipment for business. Is there a depreciation schedule for computers and computer equipment?
Computers and computer equipment are considered listed property. If you used the computer for more than 50% business use, you can either:
- Use the modified accelerated cost recovery system (MACRS) method of depreciation to calculate the depreciation schedule for computers and computer equipment using a five-year class life.
- For the depreciation schedule for computers and computer equipment depreciation, you may claim a deduction under Section 179.
If the business use of the computer or equipment is 50% or less, you can’t take a Section 179 deduction or MACRS. Use the alternate depreciation system instead. This is the straight-line method. It has a five-year class life.
You must document the use of any listed property that you use for more than one purpose in the year.
If you did some home renovation projects, can you deduct the sales tax on the items you bought for the projects? Learn more from the tax experts at H&
Can you file for a childcare tax deduction without your care center's EIN? Learn more from the tax experts at H&R Block.
Learn more about the potential tax benefits of charitable holiday giving. Your holiday donations may boost your refund, depending on the organization.
Learn more about deducting health insurance premiums with tips from the tax experts at H&R Block.