X-Doug_Graham
Imported Account
Jan 8, 2002, 4:33 PM
Post #2 of 2
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Re: Taxes - follow up
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: Hal answered a question on taxes the other day by referring to the article in the free section, I had a follow up. I will take any response for what it is, free advice. Specifically, to list equipment purchases, ie. VCRs, cameras, lights etc. as business expenses, where on the Schedule C would this be listed. I am going to contact a tax professional, I just want to be able to put together a preliminary Schedule C.
: Thanks in advance for any responses.
You can list purchased equipment as either depreciable assets or Section 17 (?) purchases. In the latter case, you take the full value of the purchase in that year. If you later sell it, it counts as income. TurboTax and other tax software will walk you through all this step by step.
Regards,
Doug Graham
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