Example - I bought a office sofa for my business in 2024 for $500.
Question 1) Can I claim this $500 as business expenses for 2024 tax return.
Question 2) Can I also show the depreciation on this sofa over 7 years, ie, (500/7) = $71.43 in 2024 till 2030 ?
Thank you in advance.
No, you cannot claim two different deductions for the same cost twice. Since the office furniture cost only $500, you can claim it under the safe harbor rules, but then you would not depreciate it. If you want to depreciate it, then you would not deduct the $500 this year.
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