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shf1957
Level 6
May 14, 2021
Solved

CAN I TAKE THE FET AS A TAX EXPENSE OR DO I HAVE TO DEPRECIATE THIS?

  • May 14, 2021
  • 1 reply
  • 10 views

Client traded in a big westernstar for a newer one.  I plan to take the depreciation on the truck.  Is it allowable to take the Federal Excise Tax (FET) as a tax expense?  Or do i have to depreciate this?  

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Best answer by IRonMaN

All costs incurred to acquire an asset get capitalized 

1 reply

IRonMaN
IRonMaNAnswer
Level 15
May 14, 2021

All costs incurred to acquire an asset get capitalized 

Slava Ukraini!