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Video: Can I Deduct the Cost of a New Computer on My Taxes?

Updated for Tax Year 2017

OVERVIEW

Can I deduct the cost of a new computer on my taxes? Maybe, if you are using it more than 50% of the time for business purposes.

 

Beginning January 1, 2018, expenses for tax preparation are no longer deductible as a miscellaneous deduction on Schedule A. However, these expenses might be deductible as a business expense.

Video transcript:

Can I deduct the cost of a new computer on my taxes?

frivas from Twitter asks: "Wonder if I can deduct the cost of a new computer from my taxes."

Hi, I’m Megan Nearhoff and I work at TurboTax. The answer is: it depends. If you are using it more than 50% of the time for business purposes, then you can deduct the cost of the computer. If you are using it for just personal reasons, then you can’t. If you’re using your personal computer part of the time for business, then you can deduct that portion on your Schedule A. Hope this helps.

For more information: www.turbotax.com

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