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#1
08-26-2003, 10:59 PM
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 Re: Put A Prior-Purchased Asset Into Service In A Later Year? Earthlink Mail wrote: - quote - > I have a couple items purchased in a prior year that have
If the item was used for personal purposes, then the basis> been placed into service in my business (self employed) in a > later year. > How should I handle this? : > Do I use the original purchase price as the cost / basis? Do > I have to use a lesser, depreciated price, since the item is > slightly older now? Any other caveats to placing a > prior-year purchase into service later? is the lesser of the original cost basis and the value at the time of conversion. Section 179 cannot be used, and I'm not sure of the 30-50% bonus depreciation. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-26-2003, 10:39 PM
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| Re: Put A Prior-Purchased Asset Into Service In A Later Year? "Earthlink Mail" <robot[at]earthlink.net> wrote: - quote - > I have a couple items purchased in a prior year that have
You depreciate the lesser of cost or fair market value when> been placed into service in my business (self employed) in a > later year. > How should I handle this? : > Do I use the original purchase price as the cost / basis? Do > I have to use a lesser, depreciated price, since the item is > slightly older now? Any other caveats to placing a > prior-year purchase into service later? you place it in service. -- David M. Woods, EA Boston, MA 02109 Postings here are general information only and not to be relied upon as advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-25-2003, 12:29 PM
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| Put A Prior-Purchased Asset Into Service In A Later Year? I have a couple items purchased in a prior year that have been placed into service in my business (self employed) in a later year. How should I handle this? : Do I use the original purchase price as the cost / basis? Do I have to use a lesser, depreciated price, since the item is slightly older now? Any other caveats to placing a prior-year purchase into service later? - Thanks! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| asset, priorpurchased, put, service, year |
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