Question

Can I enter an item I purchased before 2022 as an asset or expense?

Forum|Forum|3 years ago
April 10, 2023
1 reply
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I’m adding my expenses for 2022 as an independent contractor, but I also wanted to add my computers as well. I purchased them before 2022, but would I still be able to add them as expenses or would they fall under assets? I just started using them this year for the business I’m working with. Turbotax says I could opt for annual election and put them as expenses if the cost is under $2500 but they were purchased before 2022.

TurboTax Self Employed Online

SharonD007

No, you will not be able to claim a prior year expense on your 2022 tax return, but you can amend your tax return for the year that you purchased it by adding the expense on that tax return. Amend your prior year tax return by filing a Form 1040X within three years of the date you filed your original tax return or with two years of the date that you paid the tax.

For information on amending your taxes, please review the TurboTax articles How to Correct Federal Tax Returns and How to File an Amended Tax Return with the IRS.

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