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.
Learn more about the potential tax benefits of charitable holiday giving. Your holiday donations may boost your refund, depending on the organization.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.
What’s the difference between an enrolled agent (EA) vs. a certified public accountant (CPA)? Explore the roles of EAs and CPAs at H&R Block.
Looking for virtual tax help with your online filing? Learn more about your options by comparing TurboTax Live to H&R Block Tax Pro Review and Tax Pro Go.