Great vid. Thank you. Question. What happens if say i buy a New business. For example a gas station for $1.2M where it had 200k of equipment and 1M for the biz itself. Can I only deduct the 200k or all of my purchase price?
Thank you! We can't give legal or tax advice. I'm also not sure I understand your question. It doesn't sound like you're asking about depreciation deductions. If you're asking about expensing under IRC § 179, that's a topic discussed in the following video: th-cam.com/video/Gl_N6nxXRWk/w-d-xo.html.
We hope you find this video helpful! We recommend it for Income Tax students. Watch also for a follow-up video on IRC §§ 179 & 168(k)!
you are amazing
Great vid. Thank you. Question. What happens if say i buy a
New business. For example a gas station for $1.2M where it had 200k of equipment and 1M for the biz itself. Can I only deduct the 200k or all of my purchase price?
Thank you! We can't give legal or tax advice. I'm also not sure I understand your question. It doesn't sound like you're asking about depreciation deductions. If you're asking about expensing under IRC § 179, that's a topic discussed in the following video: th-cam.com/video/Gl_N6nxXRWk/w-d-xo.html.