Lets say I bought fitness equip. to use in my business, but never actually used...

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fitnessfreak

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...it. Can I still amortize it? What happens if I buy an item and expense it during the start up period for my business, but I never actually use it in my business? Can I still claim amortization for the item as a start up expense? The equipment is for 50% business and 50% personal use.
 
One does not amortize equipment, one depreciates it.

You start depreciation once the equipment is placed in service. If it's never placed in service, you never depreciate it and it has no affect on your business profits.

If you expensed (Section 179) or depreciated equipment that was never placed in service, you'd file an amended return to roll it back out and pay the additional taxes plus any late payment penalties and interest.
 
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