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Tax issue that hit me for selling used equipment early on depreciation

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  • Tax issue that hit me for selling used equipment early on depreciation

    Well I am going to have new depreciable things for my new place but I sold some newer equipment from 2 years ago. I wrote them off fully. CPA said you cannot do that Helly. You have to go back to regular depreciation if you sell them offer earlier than 5 years. Oh well I have to adjust this year, but I will have new writeoffs on deprecation for the new things I am buying. Live and learn.

  • #2
    There was an article in last month Groomer To Groomer on precisely this issue. It was educational to read.


    • #3
      Many people don't even report the sale, but true that is the law to follow.
      Coordinators post updates to the message for grooming events, members contests, Classified Ads, GroomerTALK Radio shows and Magazine online.


      • #4
        Yes that was my thought, who is being that honest to say you know that thing I bought I sold it. I suppose if the money goes into the business bank you would do it.


        • #5
          Never been there in that I tend to keep things much longer than the depreciation period should that happen. I love having backup crates, machinery whatever around.


          • #6
            Ended up it didn't leave me owing any more.