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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, unreimbursed employee expenses are no longer deductible as a miscellaneous deduction on Schedule A.

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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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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