Don't wait to deduct real estate equipment cost

Real Estate Tax Talk

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, or
  • real 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.