Laptop Asset Income Tax Question

by Wayne Mosley
(Umina NSW Australia)

Laptop Asset Income Tax Question

Laptop Asset Income Tax Question

Hi, I invest in shares and monitor the market via a website which costs me $60.00 per month.

I buy/sell shares based on the advice from this program. I also drive trucks for a living so to enable me to utilize these tools while on the road I bought a laptop.

Can I claim the cost of the laptop back on my tax?

Thanks Wayne

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Jan 20, 2024
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starstarstarstarstar 		Can You Write Off Your Laptop
by: BB

Yes, you may be able to claim the cost of the laptop as a business expense, considering that you use it for monitoring the stock market and making investment decisions.

However, it's essential to meet certain criteria, such as using the laptop exclusively for business purposes. Consult with a tax professional to ensure eligibility and proper documentation.

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New Roof

I put a new roof on my house this year in Wis. I understand I use it as a cost basis, do I report that this year, or wait until I sell? Where and how do I report it. Is that on Federal or state or both. Thanks so much.

Debbie

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Jan 20, 2024
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starstarstarstarstar 		New Roof Question Answered
by: BB

Thank you for your new roof question.

If the new roof was put on your personal residence that IS NOT being used for business, you will add the cost of the new roof to your basis in the year that you sell the house.

If the new roof was put on your personal residence that IS being used for business, (or office in home deduction), you will report the cost of the new roof as an improvement that will then be depreciated starting the date it was put into service.

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New Roof Tax Break

by Holly
(Prince George, British Columbia, Canada)

If I installed a new roof this year, do I get any kind of tax credit or break?

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Jan 20, 2024
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starstarstarstarstar 		Understanding Roof Expenses
by: BB

While a new roof may not qualify for a tax credit, you may be eligible for certain deductions or credits related to energy efficiency improvements.

Check if the new roof includes qualifying energy-efficient materials, like solar panels or cool roofing materials, which could make you eligible for specific tax incentives. Consult with a tax professional for personalized advice based on your situation.

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New Truck Purchase

Hi. I purchased a new 2010 Dodge Ram 1500 Sport Truck in September 2010 using a Certificate of Deposit I had cashed out. Do I get any extra money back from either the truck purchase, the taxes i paid on the truck, or the CD? Thanks.

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