I looked at the list of commonly deducted items for healthcare practitioners, and am confused about one of them.



What do they mean by depreciation of reference books?



I bought necessary reference books this year. So does that mean this year the cost of the books is deductible, and then in following years, the amount that the books depreciate is deductible? How would I determine how much they depreciated?

For books and equipment that you purchase and place into business use during the current calendar year, you can write off the first $24,000 you purchase. Make sure to complete and attach a Form 4562 to your federal tax return, reflecting that you're making an election under Section 179 to expense the items you purchased.



For books and equipment purchased in prior years that haven't been written off yet, you're not allowed to claim the 179 deduction. Instead, you need to depreciate these assets over their remaining useful life, which is probably 7 years. Many of your colleagues begin to depreciate their medical library when they finish medical school and begin working.

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Replying to:

I looked at the list of commonly deducted items for healthcare practitioners, and am confused about one of them.



What do they mean by depreciation of reference books?



I bought necessary reference books this year. So does that mean this year the cost of the books is deductible, and then in following years, the amount that the books depreciate is deductible? How would I determine how much they depreciated?

Zip Code: cpa@mdtaxes.com