We have purchased a new van under the $20,000 accelerated depreciation rule.

Options
Russell Beatty
Russell Beatty Member Posts: 1 ✭
edited September 2018 in Accounts Hosted
We have purchased a new van under the $20,000 accelerated depreciation rule. Chattel Mortgage. Since it is depreciated immediately, does the van still get recorded as an asset?

Comments

  • cosmic
    cosmic Reckon Developer Partner Posts: 1,075 ✭✭✭
    edited September 2018
    Options
    hi ,this is a Tax Question, your engaged Tax agent should be sought for advise.

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Shannon Sciuto
    Shannon Sciuto Member Posts: 98 ✭
    edited February 2018
    Options
    Hi Russel, The definition of an asset hasn't changed, only how it will be treated for tax purposes. I would enter it in as you normally would and then flag it for the attention of your accountant for review

Categories