Article Date:
May 2013


Word Count:
1274

 

 

Test Your Tax IQ: Can You Depreciate Antiques Used in Business?


Situation

 

There are two things in life that Anne Teak is passionate about: her marriage counseling business and 18th-century Chippendale furniture.

 

When Anne attends an auction, she’s sorely tempted to bid $5,000 for that exquisite Chippendale piece and use it as her office desk. But just as she’s getting set to raise her hand, Anne’s practical side weighs in. “Don’t you do that,” it says. “We need an office desk that we can depreciate and expense for tax deductions.”

 

With a wince, Anne keeps her bidding hand pinned to her hip. The next day, she goes out and spends the $5,000 on a pedestrian desk from the local office furniture store.

 

Question

 

Did Anne’s practical side give her good advice?

 

A.

Yes, because antiques are never depreciable for tax ... Log in to view full article.

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