Question

First Timer Self Employment Deduction Questions

Forum|Forum|7 years ago
February 10, 2019
1 reply
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I get a 1099 for Motorcycle Riding Instruction. My Motorcycle is a purchased asset used for Teaching.. My Question is while the bike is listed as an asset.. Can the Enhancements purchased for the Motorcycle be added as expenses? If so Where? Additional assets or under Supplies?

IsabellaG

Yes, you can claim the Enhancements purchased for the motorcycle. Generally, items that are expected to last for more than one year are depreciated, not expensed. However, you can elect to expense items that cost $2500 or less. Once you make the election (in the Assets section) enter your cost as Miscellaneous Business Expenses.

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