I was reimbursed for a computer I purchased for business use and used my credit card for. The amount was included as income on my 1099-Misc. When I am done working for the client does that computer belong to me or the client? It was an approved expense by the client and I deducted it on my taxes.

Thanks!!

Since, the company included the reimbursement as income on your 1099-Misc, then clearly this computer is your property! Effectively, it would seem that you atcually paid for the computer. Thus, after you are done working for your client, the computer is yours.

Also, you were correct in deducting the computer on your tax return. I am hoping you claimed the section 179 deduction for the acquistion cost of the computer and deducted this entire amount on your tax return.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.