That’s not exactly what that long IRS document says. You CAN elect to create
a de minimis safe harbor of $2500 if you want to for tax purposes, but don’t
confuse your tax books with your management books.If you are only looking
at the books and depreciation for tax purposes you are lying t
Anything under $2500 is an expense, so sayeth the IRS (subject to one minor
hoop)...
https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations
On Mon, Feb 21, 2022, 2:36 PM Chuck McCown via AF wrote:
> Do you guys expense SMs as you go or call them asset
, February 21, 2022 6:08 PM
To: AnimalFarm Microwave Users Group
Subject: Re: [AFMUG] Depreciation Recapture
They are treated as assets and depreciated on a 60 month schedule. At one
time it was 36 months, then 48, and now 60.Depreciation is entered monthly.
By depreciation recapture I’m
I think you have that backwards. By writing them off each year if you sell
you will have to bring that money back as it wasn’t truly an expense - those
radios still have value and you will end up owing the taxes.
Mark
> On Feb 21, 2022, at 6:10 PM, Jesse DuPont
> wrote:
>
> We treat them
They are treated as assets and depreciated on a 60 month schedule. At one
time it was 36 months, then 48, and now 60.Depreciation is entered monthly.
By depreciation recapture I’m assuming you are referring to clearing up the
deferred taxes that you created by taking advantage of accelerat
We treat them as assets throughout the year so
we can have a better sense of EBITDA, but our accountant pushes
them all to "Supplies" at the end of the year since they're not
truly assets by GAAP standards and then we won't have recapture
down the road, if that ev
Do you guys expense SMs as you go or call them assets and do a mass
depreciation each year?
I know we had to reverse a bunch of depreciation when we sold the wisp.
Depreciation Recapture. Bunch of crap if you have never heard of it before and
were not expecting it.
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