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Return to Website  > Index  > General Tax Issues  > Original MDTAXES Forum  > Re: book deduction
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Andrew Schwartz CPA
Feb 2, 2005 - 6:30PM
Re: book deduction

You're generally not allowed to claim a deduction for items purchased in prior tax years. You always have the option of amending your prior year's tax returns to claim a deduction that you omitted.

For a second option, if you purchased enough books, you can treat them as a library, and begin to depreciate their cost over 7 years starting this year. You're not allowed to write off the full amount you spent all in one year, however, since you didn't buy them and put them into business use during the same tax year.

Zip Code: aschwartz@mdtaxes.com

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