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Cattle Boards
Trucks, Tractors & Machinery
equipment depreciation?
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<blockquote data-quote="Douglas" data-source="post: 899950" data-attributes="member: 8840"><p>The basics are that you have the option of expensing (up to a limit) equipment in the year of purchase or expensing it over several years. So a $10,000 equipment item would might be about $2,000 in expense each year over 5 years. The IRS allows you to expense more in the early years and less in the latter years but it still adds up to 10k over all. You only get a partial year in the year of purchase. And by expensing, i mean deducting from your income, writing off, etc. The IRS has established the useful life for this purpose to give you the number of years for different type of equipment and buildings. Most home tax software products like turbotax, walks you through it and you don't really need an expert just for this. I am a CPA, but not a tax expert. And yes i do stay at a holiday inn all the time.</p></blockquote><p></p>
[QUOTE="Douglas, post: 899950, member: 8840"] The basics are that you have the option of expensing (up to a limit) equipment in the year of purchase or expensing it over several years. So a $10,000 equipment item would might be about $2,000 in expense each year over 5 years. The IRS allows you to expense more in the early years and less in the latter years but it still adds up to 10k over all. You only get a partial year in the year of purchase. And by expensing, i mean deducting from your income, writing off, etc. The IRS has established the useful life for this purpose to give you the number of years for different type of equipment and buildings. Most home tax software products like turbotax, walks you through it and you don't really need an expert just for this. I am a CPA, but not a tax expert. And yes i do stay at a holiday inn all the time. [/QUOTE]
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