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Author: fuzzduzz Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121219  
Subject: Depreciation Date: 1/27/1999 1:35 PM
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I'm an individual investor. I have a 9-5 job. In 96 I bought a computer and printer etc.. for investing purposes. I used the computer about 75% for investing. In 96 and 97 I used Tax Cut software to do my taxes. It filled out the form 4562 for the depreciation. I got a figure and thought that the software would transfer that figure to the correct line on Schedual A.
I'm now finding out that it didn't. so I filed my returns with these forms attached and never acually got the depreciation. Other than going back and amending my returns is there anything I can do that won't get me audited????
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Author: TaxService Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9069 of 121219
Subject: Re: Depreciation Date: 1/27/1999 3:08 PM
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I'm an individual investor. I have a 9-5 job. In 96 I bought a computer and printer etc.. for investing purposes. I used the computer about 75% for investing. In 96 and 97 I used Tax Cut software to do my taxes. It filled out the form 4562 for the depreciation. I got a figure and thought that the software would transfer that figure to the correct line on Schedual A.
I'm now finding out that it didn't. so I filed my returns with these forms attached and never acually got the depreciation. Other than going back and amending my returns is there anything I can do that won't get me audited????

***From my experience, you need not worry about an audit because you have filed an amended return. If you qualify, and the benefit is great enough, just go ahead and file. You'll receive interest on any tax return that was your due. No need for paranoia!!!=:)

"Jack"

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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9095 of 121219
Subject: Re: Depreciation Date: 1/27/1999 7:58 PM
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[[I'm an individual investor. I have a 9-5 job. In 96 I bought a computer and
printer etc.. for investing purposes. I used the computer about 75% for investing.
In 96 and 97 I used Tax Cut software to do my taxes. It filled out the form 4562
for the depreciation. I got a figure and thought that the software would transfer
that figure to the correct line on Schedual A.
I'm now finding out that it didn't. so I filed my returns with these forms attached
and never acually got the depreciation. Other than going back and amending my
returns is there anything I can do that won't get me audited????]]

Amending your tax return is the only thing that you can do if you want the deduction. But remember that your Sch A deductions are limited to 2% of your AGI. So make sure that your deduction for the computer is really WORTH something.

If you would like to read more about computers and depreciation, and the various deductions regarding computers, I have a post in the Taxes FAQ area that discusses that very issue. Check it out.

TMF Taxes
Roy

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