Skip to main content
June 1, 2019
Question

Under the schedule C expenses/assets section, Does the equipment/tool need to be purchased during the current tax year or just utilized during the tax yr?

  • June 1, 2019
  • 1 reply
  • 0 views
No text available

1 reply

June 1, 2019

The equipment/tool must be purchased during the year.  Dependent on the equipment or tool, it would either be deducted as an expense or included as an asset that has to be depreciated.   

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"