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D
Debstax2020
Level 2
February 10, 2022
Solved

Do I list a utility trailer as an asset that depreciates or just as equipment purchased for a business?

  • February 10, 2022
  • 3 replies
  • 1 view

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? 

This topic has been closed for replies.
Best answer by dkh

asset that depreciates

3 replies

dkh
dkhAnswer
Level 15
February 10, 2022

asset that depreciates

    D
    Debstax2020Author
    Level 2
    February 10, 2022

    Thank you.

    dkh
    dkh
    Level 15
    February 10, 2022

    Welcome.  Happy taxing!

    qbteachmt
    qbteachmt
    Level 15
    February 10, 2022

    "or just equipment purchase"

    $300?

    $3,000?

    $30,000?

    VIN just means, titled and registered. Not Automotive Vehicle, by definition.

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      J
      jeffmcpa2010
      Level 10
      February 10, 2022

      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). 

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