J.K. Lasser's Small Business Taxes 2018 by Barbara Weltman

Author:Barbara Weltman
Language: eng
Format: epub
ISBN: 9781119380467
Publisher: Wiley
Published: 2017-09-21T14:30:00+00:00

Example

In 2015, you bought your home for $200,000. In 2017, you start a business from home and use 10% of the space exclusively for this purpose. The house is now worth $240,000. For depreciation purposes, you are limited to $20,000 (10% of $200,000); in this case the adjusted basis is lower than the home's current value.

You cannot use first-year expensing for property you convert from personal to business use in a year that is after the year you acquired the property. The law limits expensing to the year in which property is initially placed in service (and that is usually prior to the year it is first used in business).

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.