How would I put this in a 2019 Tax Return? (Married Filing Jointly, Wendy is self-employed). Like what depreciations would I use, is it mid-quarter or half year, etc

Wendy purchased the following assets during 2019 that she uses 100% for her consulting business

Asset Purchase Date Purchase Price

Computer July 18, 2019 $3,412.00

Desk May 12, 2019 $5,810.00

Plotting Machine November 20, 2019 $12,412.00

Drafting Table October 11,2019 $6,416.00

2019 Lexus January 5, 2019 $65,802.00

She does not want to elect Section 179 or bonus depreciation

The Wilsons would like to contribute to the Presidential Election Campaign Fund. They would also like to receive a refund (if any) of tax they may have overpaid for the year. Their preferred method of receiving the refund is by check.

Answer rating: 100% (QA)

As Wendy is selfemployed and the assets were purchased for her consulting business she can deduct the cost of these assets as business expenses on her ... View the full answer