Deductions and Write-Offs

Equipment that is used for personal and business purposes is called "listed property".
Listed property includes automobiles (weighing 6,000 lbs. or less), cellular telephones, computers and peripheral equipment,
property used for entertainment, recreation or amusement, such as boats, airplanes, and photographic, sound or video recording equipment.
There are certain limitations associated with listed property. Listed property deductions are reportable on IRS Form 4562, part 5.

If the total cost basis of your business equipment was placed in service during the last 3 months of the tax year exceeds 40% of the total basis of all the property placed in service for the whole year, then a Mid-quarter convention applies.
Generally, the first year depreciation will be based as if the assets were placed in service in the middle of the last quarter of the tax year. This result will be a smaller first year calculation than the depreciation calculation using the half year convention.

Computer software used in a business or for investment purposes having a useful life of more than 1 year is depreciable over a 3 year life.

While 100% is reportable, only 50% of meals and entertainment are deductible on your business expense forms. • Be sure to keep good records on who was present, the dates and times, and the reasons for the entertainment and business discussions that took place. You may not deduct costs of meals and entertainment for personal reasons while traveling. If the trip is "primarily" business, most expenses will be considered as business expenses. If the trip is "primarily" personal and you conduct some minimal business, only those costs directly related to the business you conduct may be deductible.

Yes. If you meet the exclusive and regular use criteria, ownership of a cooperative apartment will qualify for a home office deduction. You may deduct depreciation based on your stock interest in the cooperative. Speak to your local CPA about your home office deductibility.

No. The loss on the sale of your car would be a sale of personal use property and therefore not deductible.

The capital loss carryover from your previous year's married filing joint return may only be claimed on the married filing separate return of the spouse who originally incurred the loss.
You cannot use 50% of the loss if it originated from your spouse's sale of a asset.

The purchase price must be allocated to the building and to the land. The amount allocated to the land is non-depreciable. The amount allocated to the building is depreciable and reported on IRS Form 4562.

No. Losses may not be deferred using an installment method.