Used employer equipment does not constitute used by him. Used by him would be if it were his own personal property from the get go. It was owned (and therefore used) by his employer, which is a different entity. It doesn’t matter that he happened to be the employee that was touching the keyboard.
p.s., if you look closely, you wind up losing your 179 depreciation under AMT anyway in general, so if he’s paying that, not worth it to fill out the form. Use straight line if you going to depreciate, unless it’s a really big ticket item and then check to see how much you’re losing under AMT anyway.
Thanks for that clarification on “used” equipment,,great to know.
He’s past retirement age, so this is a small business. The AMT will not apply.
So, I guess there are two options...179 depreciation or the safe harbor. Perhaps safe harbor would be less complicated than Form 4562, at least for me since I’m a real beginner on this?
I’m sorry. I meant to say the two options are Bonus Depreciation or Safe Harbor. Think I’ve spent too much time on this today, need a break...ha.
Used employer equipment does not constitute used by him. Used by him would be if it were his own personal property
This. And ditto the depreciation advice, do all this year for that item.