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Tax Information With A Mother's Touch
Published by Eva Rosenberg, MBA, EA
Volume 4 Issue 143 January 4, 2002
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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 4 Issue 143 January 4, 2002 |
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» From: Dewey, AZ Dear TaxMama: I am purchasing some used equipment for my business. It has been fully depreciated by the previous owner. What depreciation schedules do I follow for used assets? For example...If I buy an asset that has a 7 year life but it is already 8 years old, how do I set that up as an asset on my books? Thank you! John  When you buy the equipment, it's new to you! So you get to start over for its full depreciable life. It goes on your books as an asset at the price you paid for it. More details? Try to stay awake through this Publication 946 - How To Depreciate Property Have fun depreciating! Good luck. Best Wishes, Eva Rosenberg Your TaxMama  |
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2003 - Eva Rosenberg |
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