club_cafe: Write off home CPU

iras1 on

Yes, you can, but it may not be worth the effort. First, a computer is considered "listed property" so your deduction is limited and spread over several years. Second, you can only deduct a fraction of the cost which is equal to the fraction of time you use the computer for investment research. You should have records to support this usage. Third, the deduction is reported on Schedule A, so if you don't itemize deductions, you're out of luck. Finally, the deduction is a miscellaneous itemized deduction subject to a minimum threshold of 2% of your AGI. If you can pass all of these hurdles and still get a benefit from deducting the cost of your CPU, go ahead and do so.

Ira Smilovitz

In a message dated 01/06/03 1:58:54 PM Eastern Standard Time, boone38@bivio.com writes:

Can I write off a part of my CPU as I use this for research
for the Investment Club? I would like to claim this on this
years taxes.

Thanks Dan

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