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April 7, 2025
Question

busines expenses - date acquired

  • April 7, 2025
  • 2 replies
  • 0 views

What does the date affect my tax return?  I bought a camera for my photography business.  Does the actual date impact my taxes in any way?

 

2 replies

VolvoGirl
Employee
April 7, 2025

Are you adding it as an Asset? Was it over $2500?  The date only matters when adding an Asset. 

April 8, 2025

If you are depreciating it and you acquired it before 2018, it may affect how much of the Special Depreciation Allowance that you qualify for.