Textbooks and books: deduct or depreciate? And other questions...

[das8]

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!

[turboguy]

You should be fine expensing the books, magazines and repairs to the musical instruments. I am assuming the musical instruments are used in the business.

[Freelancier]

I don't think you've provided enough information and I strongly recommend getting an accountant to help you with the rules.

The first question that jumped to mind was: is this $500 worth of textbooks or $100,000? I can't see depreciating a small number of books, but if you're buying and holding them in large bulk, that may change the rules.

[das8]

You should be fine expensing the books, magazines and repairs to the musical instruments. I am assuming the musical instruments are used in the business.


I don't think you've provided enough information and I strongly recommend getting an accountant to help you with the rules.

The first question that jumped to mind was: is this $500 worth of textbooks or $100,000? I can't see depreciating a small number of books, but if you're buying and holding them in large bulk, that may change the rules.

This is for $100 to $200 worth of textbooks and magazines. We are planning on writing off the magazines for the full cost this year. For the textbooks we assume they will last 4-6 years. So for the textbooks we plan to depreciate them over either a 5- or 7- year time span. Does this sound correct? If so would you recommend the 5- or 7- year time span? The textbooks are only for furthering our business knowledge.

[Freelancier]

I wouldn't depreciate those, just write them off as educational expense. It's too small an amount to consider a fixed asset worth depreciating like that.

But, then again, I Am Not An Accountant.

[das8]

I wouldn't depreciate those, just write them off as educational expense. It's too small an amount to consider a fixed asset worth depreciating like that.

But, then again, I Am Not An Accountant.

Great. Thanks! Will look into that.