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I purchased a embroidery and a quilt machine several years

Customer Question

I purchased a embroidery and a quilt machine several years ago and have been using them. I've decided to start a small embroidery and quilting business. Can I depreciate the machines at all?
Submitted: 1 year ago.
Category: Finance
Expert:  Tax.appeal.168 replied 1 year ago.


Q: Can I depreciate the machines at all?

A: If the following qualifications are met, the answer is yes. SEE BELOW:

You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. You also can depreciate certain intangible property, such as patents, copyrights, and computer software.

To be depreciable, the property must meet all the following requirements.

It must be property you own.

It must be used in your business or income-producing activity.

It must have a determinable useful life.

It must be expected to last more than one year.

Refer to IRS Pub 946 for more detailed information regarding depreciation.

Let me know if you require further assistance with this matter.