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Re: [IP] Pump upgrades - What happens to old pump?

At 03:33 PM 2/27/03, you wrote:
>Basically what that says is that you need to establish the purchase
>price and deduct some amount of use, wear and tear. That's the
>deduction allowed. It is the fair market value of the used pump if
>you had to purchase another like it on the open market.
>email @ redacted

While your information is correct, if you can't file a Schedule A and have 
enough deductions to be over your standard deduction, you may not be able 
to get a tax savings for the deduction.  It's still best to discuss this 
with your tax preparer so you can make the decision whether it would be in 
your best interest to keep the old pump as a backup or donate it.

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