How To Convert Personal Items Into Business Tax Deductions [Video]

This video discusses how to convert personal items (such as laptops, phones and cameras) that you purchased prior to starting a business into business use to obtain tax deductions.

NOTE: Upon conversion from personal use to business use, if you are not using the property 100% for business, you should reduce the depreciable basis further by multiplying the calculated depreciable basis by the business use percentage. Also, in some cases, you may be able to use bonus depreciation to expense the value of the items all in one year but speak to a tax professional to weigh the pros and cons of doing so.

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This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation.

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