My computer is a tax writeoff?

[SUOrangeman]

From a Motley Fool email:



<< Investing Basics: Tax Tips
We tend to think of taxes just in March and April. But in order to fork over as few dollars as possible to Uncle Sam, there are tax-smart decisions you should be making all year long. Here are a few tips from the resident tax expert at the Motley Fool, Roy Lewis:
...
[*]If you use a personal computer, an online service, software, books or subscriptions to aid you in your investing, you may be able to deduct some or all of their costs.
>>



I think that Geforce GTS is a bit more appealing now ...

-SUO

Did someone just say &quot;SMP?&quot; Hmmm, I need that to calculate P/E ratios!

 

[UG]

Another advantage of being self-employed!

 

[BoberFett]

I've been depreciating my comp for the last couple years. Where have you been?

 

[403Forbidden]

you don't have to be self-employed to take advantage of tax write-offs. hint: home office

 

[Nick Stone]

Go for it. Only 2 real big catches. You have to itemize and those miscellanious expences must exceed 2% of your gross income. It probably wouldn't hurt if you can show other income such as rent houses, or investments where some accounting (spreedsheets), tax programs, Retirement calculation planning, research, such as web surfing would be used. I'd stay away from the home office since that invites an audit.
Just be ready to document the legitimate business uses of your computer.
If you get audited, tell them it isn't used for any other purpose.