Tag Archives: Purchase

Timing of Purchase

Today TaxMama® hears from Insha in the TaxQuips Forum with this question. “I run a daycare center in my home. I file a Schedule C on the cash basis. In February 2011, I bought an asset for my business that cost $2,000. I’m making payments of $100 per month on it. So, on my 2011 […]

Used Equipment

Today TaxMama hears from John on the Internet who wants to know “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 […]