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Updated over 4 years ago, 04/09/2020
Tax Write Off Question
Purchased used cabinets off Facebook marketplace for $1000 with a hand written receipt. I’m assuming these count as capital expenses, but can I still write them off because they’re “used” and from a personal seller rather than from a store? Please advise
Wayne Brooks#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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New/used or who you bought them from doesn’t matter.
There are a number of immediate expensing provisions you might avail yourself of, just go through them to see what best fits your situation.
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BiggerPockets
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You can write it off and take the full deduction in the first year they are put in service, i'm not sure why you would capitalize and depreciate $1,000 cabinets.