Did you buy any of the following for your real estate business last year: computer equipment,telephones and cell phones,office furniture,fax machines,pagers,cameras,recorders,briefcases,map books,lockboxes and keys, orreal estate books? If so, you're probably aware that you are entitled to deduct the cost as a business expense. Ordinarily, business property such as computers and office furniture that has a useful life over one year must be depreciated a little at a time over several years. How long depends on the type of property involved -- it can vary from three to 39 years. For example, if you purchased a $1,000 computer for your real estate business in 2010 (and used it only for business), using depreciation you'd have to deduct the cost over six years. Using the straight-line method of depreciation, you'd get the following annual deductions: Year Depreciation deduction 2010 $100 2011 $200 2012 $200 ...
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