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Andrew Schwartz CPA
May 10, 2007 - 5:06PM
Re: That "library" depreciation deduction.

We see a lot of your colleagues who depreciate their library once they begin working. However, since you can only take the 179 deduction on business assets purchased and put into business use the same year, you can't deduct the value of your library all in one year.

Instead, you'll claim the deduction over the 7 year life prescribed by the IRS. So you won't get a huge deduction in any one year, but over time, you'll save a decent amount of taxes.

Determining fair market value may be tricky, but if Amazon or some other site sells similar used books, that's a great place to go.

Zip Code: 01801

Return to Website  > Index  > General Tax Issues  > Original MDTAXES Forum  > Re: That "library" depreciation deduc...