I purchased a computer last year to do online day trading from home for additional income. Can I deduct or depreciate the cost of the computer or Internet connection from my investment income?
You may deduct investment expenses (other than interest expenses) as miscellaneous itemized deductions on Form 1040, Schedule A. This would included depreciation on the portion of your computer used for investment purposes, and the portion of your Internet access charges used for investment purposes. However, you cannot claim Section 179 expensing of the computer since it is not a business asset.
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