lynda08235
Level 1
04-26-2022
09:31 PM
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A large truck owned by a non profit has a replaced motor... Do I depreciate or expense
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jeffmcpa2010
Level 11
04-26-2022
09:53 PM
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It may depends on the amount of the expenditure, and what, if any, elections or decisions the client has made regarding complying with IRS reg. 1.263 (a) 1
qbteachmt
Level 15
04-27-2022
10:54 AM
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If they have been using the Mileage Allowance, it already has a maintenance, wear-and-tear component in the allowance, since it is for operating costs. You stated "large truck" but not "specialty vehicle." Details matter.
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sjrcpa
Level 15
04-27-2022
11:27 AM
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Doubtful that a large truck owned by a nonprofit organization would use the mileage method.
The more I know the more I don’t know.
qbteachmt
Level 15
04-27-2022
04:18 PM
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We don't know if "large" is a 3/4 ton or Semi or moving box van. We don't know if "motor" is $1,800 or $18,000.
Oh, there is so much we don't know...
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers