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I have a client that purchased a 2014 BNDR enclosed trailer to transport his equipment for his band. I need to know how to file it. Do I list it as a vehicle since it has a VIN number or list it as an asset that depreciates or just equipment purchase?
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asset that depreciates
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Thank you.
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"or just equipment purchase"
$300?
$3,000?
$30,000?
VIN just means, titled and registered. Not Automotive Vehicle, by definition.
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Welcome. Happy taxing!
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At least partly it depends on the cost, and whether the client has adopted a policy (and complied with the policy) which set's a lower cost limit for capitalization of fixed assets which complies with the IRS de-minimis safe harbor provisions at reg. 1.263 (a)(1)(f).
