Tax Advice - Laptop purchase deduction? | TigerDroppings.com

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KT70
LSU Fan
Baton Rouge
Member since Jun 2011
1272 posts

Tax Advice - Laptop purchase deduction?


I am an IT manager at a 50+ employee company in Baton Rouge. I have to work from home quite a bit and being the IT person I am always on call even when I am off. I was wondering if I buy an ultrabook can I deduct the total cost from my personal taxes or does it have to be a certain percentage of my total income to deduct it?

Thanks in advance.







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zeebo
LSU Fan
Member since Jan 2008
1915 posts

re: Tax Advice - Laptop purchase deduction?


Deduct the whole thing.





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reb13
Ole Miss Fan
Oxford, MS
Member since May 2010
9917 posts

re: Tax Advice - Laptop purchase deduction?


quote:

Deduct the whole thing.


Do you not have to capitalize it?



This post was edited on 11/25 at 3:17 pm


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yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
70244 posts

re: Tax Advice - Laptop purchase deduction?


2% AGI





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zeebo
LSU Fan
Member since Jan 2008
1915 posts

re: Tax Advice - Laptop purchase deduction?


I file a schedule C and am pretty aggressive about it. Never had any problems. If you are an employee I really don't know how you do it. But I know this, the IRS will jail you for hiding income. They will barely slap your wrist for exaggerating expenses.





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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
9203 posts

re: Tax Advice - Laptop purchase deduction?


Get your employer to pay for it, or at least a portion of it, explain how you need it for all of the after hours calls you get at home





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ashy larry
LSU Fan
Marcy Projects
Member since Mar 2010
3553 posts

re: Tax Advice - Laptop purchase deduction?


I believe this is correct. Your un reimbursed expenses have to equal at least 2% of your AGI





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BFIV
Virginia
Member since Apr 2012
1229 posts

re: Tax Advice - Laptop purchase deduction?



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quote:

Your un reimbursed expenses have to equal at least 2% of your AGI


Your employee business expenses have to EXCEED 2% of your AGI because they are included in the 2% miscellaneous deductions category on the Schedule A. Even then, only these business expenses that are in excess of 2% of your AGI are deductible. But they are not deductible unless all of your Schedule A deductions exceed your standard deduction for your particular filing status. Your employee business deductions by themselves may be enough to exceed your standard deduction and enable you to itemize. For most taxpayers this is hardly ever the case, though. They need the other deductions to itemize: medical expenses, home mortgage interest, sales tax or state income tax, charitable contributions, etc.






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15324 posts

re: Tax Advice - Laptop purchase deduction?


You should talk to your employer about providing you with an appropriate computer, and properly licensed versions of all the software necessary to do your job from wherever you happen to be located. If the system crashes, and you used your personal equipment and software for maintenance, you may be opening yourself to liabilities for any losses. I don't think that is worth being able to deduct the cost of a laptop.





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BFIV
Virginia
Member since Apr 2012
1229 posts

re: Tax Advice - Laptop purchase deduction?


Very good advice. Hadn't considered that angle.






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