I will use this computer to do work for my permanent job, but I only bought it so I could work while laid off. I bought it in October and used it almost exclusively for freelance work (and some job searching).
United States - 2 Answers
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1 :
You can use it as a possible business deduction relating to the freelance work esp. if you have income (file Schedule C). You can possibly create a loss by using what's called "Section 179" on the Business percentage of the computer (cost less personal usage %). That amount goes on the depreciation line. You can then use that loss to offset any 'earned' income such as your W-2. The purchase of a computer is not a deduction for job searching. You should contact a local tax professional to assist you further!
2 :
Computer purchase is capital expense. It is deductable under section 179 deductions. You will report your income and business related expenses on schedule C or C-EZ (Form 1040). Then you put net income (or loss) on line 12 of Form 1040. This income is subject to SE tax at 15.3% (this is shown on line 57 of Form 1040)
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