Mike12321
Level 4
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Solved! Go to Solution.
Labels
George4Tacks
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Once you determine the facts of your clients first year return, then you can decide whether you really want to change the depreciation life. https://ttlc.intuit.com/community/business-taxes/discussion/should-i-deduct-entire-amount-or-depreci... may be helpful.
Here's wishing you many Happy Returns
qbteachmt
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
We don't depreciate any of our instruments or even bows. The electronic stuff is treated as Expense, and the parts or fixes for acoustic instruments are treated as maintenance and repairs.
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
sjrcpa
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have depreciated a Steinway Grand Piano and a cello for clients.
Ex-AllStar
Ex-AllStar
IRonMaN
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I am currently depreciating a kazoo over 7 years. Instead of paying to have music play when my clients are placed on hold, I just play the kazoo instead. I have to admit, I’m really getting good at it. I will also have to admit, I did have a number of clients hang up on me when I first implemented my kazoo system.
Slava Ukraini!
Slava Ukraini!
qbteachmt
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It's not specifically named as "listed" property. I would refer you to this article from the Eastman School:
https://iml.esm.rochester.edu/polyphonic-archive/article/depreciation-of-musical-instruments/
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
Mike12321
Level 4
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks, I ran across this article when I did a google search also. But now do I need to file a 3115? It seems like yes.
George4Tacks
Level 15
12-07-2019
09:52 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@Mike12321 What years are involved? 1040X may be the appropriate cure.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns