I did the same, but what about depreciation? NM

Posted By: CARDIACMT on 2006-03-24
In Reply to: IC status PS sm - Tired

Nm

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To all ICs claiming huge deductions...(sm) - Very Upset
- Everyone should be IC/MTSO at least once - Medtype 10
- IC is a rip off if you are an honest person. - kl
- Been an IC for 17 years now. Never had a problem with deductions; however, I also have a husband - MTIC
- the majority cheat..those who don't usually find the value in being an employee. - my 2 cents
- deductions - Patti
  - Most houses appreciate, how come - yours is *depreciating*? *curious*...nm
    - Buildings are depreciated if used in - business. Apartment buildings,
      - Poster says she works from home - not an apt building...besides...sm
  - I'd rather just pay the money and go to heaven. - Thanks though!
  - what a crock, using lies on your kids like that - shame on you
    - kids allowance - Patti
      - lol A little defensive, are we?! lol - I think the OP meant that
  - tsk, tsk, tsk..teaching your children to lie and cheat..nice..NOT - my 2 cents
- I was never disciplined enough to pay quarterly so I asked sm - EmployeeNow
- Mine avg. around $2K a year that is it -- all work via the internet- sm - Laura E.
- My IC home office deductions came to only sm - nm
- I was in the same boat a couple - CARDIACMT
- IC status - Tired
  - IC status PS sm - Tired
    - I did the same, but what about depreciation? NM - CARDIACMT
      - don't need to depreciate computers anymore. take the deduction in the year purchased - MTSO
- I deduct all expenses that relate to my home office-% of utilities, taxes, repairs to that room, --s - Debra
  - IC - Lynn
    - 3 office chairs in a year??? What are you doing? Aerobics in them?? - nm
  - forgot to add, you can go to the IRS web site and there are several free-sm - Debra
- I had about 12K in deductions. - but I'm an MTSO
- was in same boat sm - carpaltunnel
- you need to be paying quarterly estimated taxes(nm) - nuther IC
  - question about quarterly taxes - newbie IC
    - quarterly taxes - sme
    - Quarterly Taxes - RT
- I feel for you (sm) - Just asking
- I would love to know this as well... - me too!
  - Never Had Any Problems - RT
    - Another Deduction (sorry) - Tired
      - the SEP IRA is a huge deduction... - IC MT

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House depreciation

Well I plan on staying in my house until they move me out in a pine box and so am not worried about the depreciation or write off. Have enough insurance left to my heirs that will pay for any taxes that they might incur if I die before I have retired and lived here for the time necessary not to report it. But I think that every case is different and agree with the advice for the first year or so to consult a CPA --although they do not know everything but you can get some good advice. A lot always depends on your age and how long you plan to live there, etc.