Hello all!
We just have a few questions on writing off items on our tax returns. We are a partnership.
1) Textbooks, Books, Magazines, Journals. Are these deducted immediately or are they depreciated over a number of years? We are thinking of immediately deducting the magazines and journals. For the textbooks and books, if using depreciation how many years for each (i.e. 3-year, 5-year, 7-year)?
2) Musical instrument repairs. We are having some trouble finding information on where to write this off. It this just an expense that can be fully deducted immediately. For example, on a $500 instrument, this past year $100 in repairs were purchased.
Thanks!
We just have a few questions on writing off items on our tax returns. We are a partnership.
1) Textbooks, Books, Magazines, Journals. Are these deducted immediately or are they depreciated over a number of years? We are thinking of immediately deducting the magazines and journals. For the textbooks and books, if using depreciation how many years for each (i.e. 3-year, 5-year, 7-year)?
2) Musical instrument repairs. We are having some trouble finding information on where to write this off. It this just an expense that can be fully deducted immediately. For example, on a $500 instrument, this past year $100 in repairs were purchased.
Thanks!
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