p.1 #2 · Q: Do any of you write off used equipment?
I write off all new and used equipment purchased. All that's needed is a receipt from Paypal, credit card or money order. I believe that there is a new (used) equipment allowance every year, at least that's what my accountant says.
p.1 #3 · Q: Do any of you write off used equipment?
nyjshooter wrote:
I write off all new and used equipment purchased. All that's needed is a receipt from Paypal, credit card or money order. I believe that there is a new (used) equipment allowance every year, at least that's what my accountant says.
This is what my lawyer/sister tells me.
From what she says it will only be an issue if you get audited and then as long as your ducks are mostly in a row they won't be too uptight about a one or two bits of so-so documentation.
p.1 #5 · Q: Do any of you write off used equipment?
I'm an accountant. Ditto to what's been said here. If you purchase used equipment, make sure you get some kind of receipt. If it's a cash purchase, ask your seller to write up a hand receipt.
p.1 #6 · Q: Do any of you write off used equipment?
Even if you purchase used equipment, it is new to you and your business. You can deduct it, just be sure to get a receipt. If you are talking about equipment you purchased in prior years, but are just now beginning to use it for business, that's handled a little different. In that case, for depreciation, you use the LOWER of your original cost, or the Fair Market Value when placed in business use.
