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Tax Question For Those Who Might Know

EmmaQ

By EmmaQ
in Introduce Yourself / Share Stuff

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EmmaQ Rookie
EmmaQ
Posted

I've been ironically doing accounting from home for years. I am no longer due to my #1 client closing their business this past year and I have 4 kids 3 not even in school. I figure I need to clean it up for tax purposes. I have a 4 yr old computer I'm depreciating HY. And I have a cellular phone that broke which has a SL depreciation of 10 yrs.

How do I handle these "assets"? They were personally mine, I moved them to business use at FMV at the time under 50% or more and 50% or less business use and now I need to give them back to me without a huge headache of IRS papers.

The FMV of the phone is 0. The FMV of the computer can't be much at all. I know how to do sale of assets, abandonment of assests but these topics really do not fit properly. This is one of those tings that just isn't clearly findable in searching through tax literature. UGH.

I'm stuck and I don't even have box! LOL Hey, I used to work for H&R Block in college...

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