We have purchased a new van under the $20,000 accelerated depreciation rule.
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Russell Beatty
Member Posts: 1 ✭
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?
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hi ,this is a Tax Question, your engaged Tax agent should be sought for advise.
Cosmic Accounting Group
Accountants and Tax Agents 22397009
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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 review0
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