Hi, I am thinking to apply for income tax shop. One qualifying question is: Have any assets that you own lost value over 2016 tax year? Does that apply to my car that I depreciate as I use it for getting to my shops? I am afraid maybe this refers to something else and if I answer yes I will be disqualified. Thank you if anyone can clarify
For what it's worth, I don't take depreciation of assets to offset income when doing my taxes. That's an accounting decision you'll have to make. It will require some extra calculation for the income tax forms, that's probably why they are asking. So, the question is really, are you going to claim depreciation of assets for business use?
Edited 1 time(s). Last edit at 03/02/2017 09:37PM by christinereed.
My immediate thought would be that they were talking about investment income such as you sold a stock or bond or even a house or business for a loss. But definitely clarify the point as others have said...I have not done these shops myself but if you just need them to figure out your taxes for the purposes of the mystery shop job but are not required to have them actually file for you something like depreciation on your car would be something optional to mention to them. Then when you use your regular filing method you would add that depreciation back in if you want to.