How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168, Accountant
Category: Finance
Satisfied Customers: 3444
Experience:  Tax Accountant
58285678
Type Your Finance Question Here...
Tax.appeal.168 is online now
A new question is answered every 9 seconds

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.

Hello.

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.

Related Finance Questions