Default Style Register
Daycare.com Forum
Daycare and Taxes>Fridge Purchase Tom
care-care 08:56 AM 01-13-2012
I am entering my new fridge into mmk and i was wondering what i should do for method and convention.. I got it in july of 2011 is that matters.. thanks
Reply
Unregistered 02:40 PM 01-13-2012
If it actually brand new and not new to u but was used, I think you can claim the special 100% depreciation on it. Mr Copeland has a writeup on it in his blog.
Reply
TomCopeland 12:18 PM 01-14-2012
Originally Posted by care-care:
I am entering my new fridge into mmk and i was wondering what i should do for method and convention.. I got it in july of 2011 is that matters.. thanks
Don't worry about entering the method and convention. The answer is: 7 year 200% declining balance method and half year convention.
Reply
care-care 07:55 AM 01-15-2012
Thanks Tom!!!!! But it wouldnt let me enter it without those input in mmk!
Reply
care-care 08:05 AM 01-31-2012
special 100% depreciation?? the new fridge?

Does this qualify for that?

also when entering other things on mmk for the house like riding lawn mower and rakes ,shovels, holiday items,fans, etc what do you put for method and convection? I am entering things I didnt use in my first few months of being open and now are used.. ?? it doesn let me go any further with out the answer.
Reply
TomCopeland 09:00 AM 02-01-2012
If you bought the refrigerator new in 2011 (you were the first user) then you can use the 100% bonus depreciation rule that allows you to deduct the business portion in one year, rather than depreciating it. See my article:http://www.tomcopelandblog.com/2011/...-big-deal.html

For everything except a home improvement, fence and the home, enter 200% declining balance method and half year convention.


Join me for my webinar "2011 Family Child Care Tax Update: How to Reduce Your Taxes" on February 9th, 8:30pm Eastern Time. For more information:http://events.r20.constantcontact.co...&llr=yatrx4cab
Reply
Tags:deduction - appliances, time space percentage
Reply Up