Depreciation for a piano

Forum|Forum|6 years ago
April 7, 2020
1 reply
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A piano was purchased in 2011 while a student. In 2014 I began performing as a self employed concert pianist. I use the piano to practice exclusively in my home office. Depreciation was never taken. Can it be depreciated starting for 2019 and how do that in TurboTax?

TurboTax Home & Biz Windows

M

mglauner

In the Self Employment section, you can set up the Piano as a Business Asset and claim depreciation on it from the date you first started using it for business.

You will have several choices of your Method of Depreciation to use.

Click this link for detailed info on Depreciation of Business Assets.

This link gives info on calculating the Cost Basis of a Business Asset.

As far as taking an additional expense deduction for a Home Office, unless you actually earn income from your Home Office (give piano lessons, for example), you may not want to claim this deduction.

Click this link for detailed info on Taking the Home Office Deduction.

H

hntrustAuthor

Employee

I do give lessons at home so I have taken the home office deduction. Do I have to file amended returns since 2019 is the first year I will depreciate the piano even though it was put in service in 2014?

M

mglauner

You could amend your returns to take the piano depreciation for the past three years only, if you want to. You are not required to.

When you stop using the piano for business, the IRS will calculate any depreciation that occurred since you started using it for business, whether you claimed it or not.

Click this link for more info on How to Amend a Prior Year Return.