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Hello everyone,

This is my first post, but I'm hoping someone can help me out. I am a musician and make my income from live performance etc. Have been doing this for many years, and realized tonight that I never claimed equipment that i purchased (some of it was 5+years ago) on my tax returns for the allowable cca deduction, but most of it is still in use.

At this point, I'm unsure what to do. Do I enter the items into the tax return and take this as the first year for the deduction, or should I go back and re-assess the prior years returns to bring the entire timeline up to date correctly, in terms of depreciation schedule?

The part that bothers me is that I failed to enter the bulk of my equipment (I honestly have no idea why), so the year to year comparison of the returns would definitely reflect a big change in my return.

Any tax experts know anything about such situations?
 
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