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Trap Depreciation #7209016
03/08/21 11:17 AM
03/08/21 11:17 AM
Joined: Dec 2015
Posts: 7
NEW HAMPSHIRE
J
JT Trapper Offline OP
trapper
JT Trapper  Offline OP
trapper
J

Joined: Dec 2015
Posts: 7
NEW HAMPSHIRE
Hey guys,

Was wondering how you established ADC business owners handle depreciation of traps.

For business tax purposes do you treat your traps as capital assets or do you treat them as a business expense? If you treat them as a capital asset, how do you handle the depreciation? Do you depreciate them over time and if so how many years? or do you write them off as section 179 asset (depreciable assets full value taken in the first year). I've search the web and find no guidance and I'm trying to determine the standard in our industry.

Thanks,

JT

Re: Trap Depreciation [Re: JT Trapper] #7210995
03/10/21 08:29 AM
03/10/21 08:29 AM
Joined: Dec 2015
Posts: 7
NEW HAMPSHIRE
J
JT Trapper Offline OP
trapper
JT Trapper  Offline OP
trapper
J

Joined: Dec 2015
Posts: 7
NEW HAMPSHIRE
Ok, so I have continued to do research and found that under the IRS tangible property regulations that any item costing $200 or less is considered a supply. So unless you are using a trap that costs more than $200.00 you write them off in the same year you buy them.

Might help someone out there trying to do there taxes.

Last edited by JT Trapper; 03/10/21 08:30 AM. Reason: fixed error
Re: Trap Depreciation [Re: JT Trapper] #7211121
03/10/21 11:18 AM
03/10/21 11:18 AM
Joined: Dec 2006
Posts: 11,144
Central NC
T
traprjohn Offline
trapper
traprjohn  Offline
trapper
T

Joined: Dec 2006
Posts: 11,144
Central NC
Id PM Bob Jameson and Jim Comstock and Paul and Jonesy and ask them for starters.
Ya could also as a local tax preparer.
It would be similar to a construction companies tools Id imagine.


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