Claiming Depreciation on YourProperty is a Simple
Step One:Go through your home, identify the items you
are using in your business, and enter each item in the
Step Two:Use the information from the Inventory-Keeper
to claim business deductions on your tax return.
Step Three:Take photographs of the items listed in the
Step Four:Put the photographs and the Inventory-Keeper
into the enclosed envelope and store it in a safe place away
from your home.
Step Five:Update the Inventory-Keepereach year by
recording when new items are purchased and when old items
are sold, given away, or worn out.
Disclaimer:Tax laws are in a constant state of change. This
publication is based on tax laws in effect in July 1999 and is
sold with the understanding that Redleaf Press and the author
are not engaged in rendering legal, accounting, or other pro-
fessional services. If you require expert tax assistance, obtain
the services of a qualified professional.
Thanks to the following people for offering valuable input:
insurance agent Peter Freisinger; tax preparers Kelly Nokleby,
Carrie Campbell, Lorry Sorgman, EA, Sandy Schroeder, EA,
Don Gilbo, and Marjorie Bergstrom, EA; and family child
care providers Brenda Ives, Reva Wywadis, Deloris Friske,
Marian Turner, and Michael Kauper.