Question about deductions & depreciation?

Forum|Forum|11 months ago
April 14, 2025
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I've bought a lot of new equipment in 2024. Do I write it off as a business expense AND a depreciation write off as well? Or one or the other? I'm new to this and have one day to file and am stressing out. Thank you.

Not A Product Question

Vanessa A

No. If you purchased equipment, you list it as a business asset. Then the asset will be depreciated. Depending on the type of asset, you may be able to take full depreciation in the first year, or you may have to depreciate it over several years.

When you take depreciation, you are getting a deduction from your income whether it be all at once or over time, so if you also wrote it off as a business expense, you would be taking a deduction for the same item twice.

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aflashintimephotographyAuthor

Thank you. So the things I purchased last year take it as a deduction not depreciation?

Also. What about equipment I bought previously years? Do I take depreciation for those or no?

PatriciaV

If you have been in business for several years and never included your business assets on your tax return, you may need to contact a local tax professional to help you file amended returns for those years. Plus, you'll need help setting up the assets for depreciation. This link may be helpful: Find a TurboTax Verified Tax Professional near you

Also, with the tax filing deadline fast approaching, you may need to file a request for extension of time to file. You can do that for free using our Easy Extension website.

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