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clyde h | Can I write off my tools on my income taxes, if I dont own my own business? |
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parkdad73
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Only if you need them for your job. Other than that, it would be like trying to write of pots and pans. |
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spelldine43
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I think you can, if you are required to have them to do the job. They can't just be tools for your personal work, they must be required by the job (at least it used to work this way, maybe better look it up at www.irs.gov). |
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waggy_33
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I assume that you are talking about tools as a construction worker or an auto mechanic.
If you pay such expenses out of pocket and do not get reimbursed by your employer and the tools have a useful life on one year or less then you can deduct the cost on form 2106 as an employee business expense.
If the tools have a useful life of more than one year you would be able to take depreciation of the cost each year as an employee business expense. |
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nashvillekat
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I think you can. You can write pretty much anything off. You will have to do the long form. It takes forever for the accountant doing it. |
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charmel5496
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if they are used in your field of work...my husband is an electrician at an auto plant and we claim anything he buys for work,from safety boots,to safety glasses to tools..theres a limit but every penny helps...im a nurse and my tax lady give us a deduction for laundry soap i use to was my uniforms,work related magazines etc |
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Judy1
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If these are tools required for your job, and you are not reimbursed by your employer, then you can deduct them if you itemize. |
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rehobothbeachgui
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If your employer requires that you provide your own tools, uniforms etc out of your own pocket, then yes they should be deductable. If however, you are bringing your own out of choice your employer has tools and you choose to use your own) then no it isn't |
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allknowing
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Well actually, if you at least do a job where you use your own tools, then you probably can. |
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Lauren P
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Generally, no.
Unless you use them at your business and you were required by your employer to furnish them. If that is the case, you must find the appropriate depreciation schedule. Personal-use property is never deductible. |
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SuzeY
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It depends. If these tools are necessary for your employment and your employer won't reimburse you for them, then you can deduct them as a miscellaneous itemized deduction on Schedule A (first, though, you have to fill in Form 2106-Employee Business Expenses, and move that number to Schedule A). The kicker here, though, is that 1) you have to be able to itemize and 2) even if you are able to itemize, you have to reduce your deduction by 2% of your adjusted gross income (AGI). So, let's say you had $1,000 of unreimbursed tool expenses, and you made $60,000 during 2006. You would have to reduce your $1,000 deduction by $1,200 (2% of $60,000), meaning that you get absolutely no write-off.
The moral of the story? Try to get your employer to reimburse you for tools that you need for work! |
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Donny
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No. See IRS rules at:
http://www.irs.gov/businesses/small/article/0,,id=109807,00.html |
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DAVE S
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TO BE HONEST NO I DONT THINK YOU CAN WRITE OFF YOUR TOOLS FOR TAXES BUT THE BEST WAY TO FIND OUT WOULD BE TO CONTACT WHO EVER FILLS YOUR TAXES OUT FOR YOU AND ASK THEM BUT I DONT THINK YOU CAN BECAUSE YOU DONT OWN A BUSINESS.WELL I DONT KNOW IF I HAVE BEEN MUCH HELP BUT I HOPE THAT I WAS OF SOME HELP TO YOU |
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