I bought 14 chairs to replace broken ones for my business. The total cost was $621. Should that go under Assets as a fixture or under expenses?

I bought 14 chairs to replace broken ones for my business. The total cost was $621. Should that go under Assets as a fixture or under expenses?

posted

Connect with an expert

3 Replies

I bought 14 chairs to replace broken ones for my business. The total cost was $621. Should that go under Assets as a fixture or under expenses?

You have a choice. You can expense them under Section 179 or depreciate them over 7 years.

I bought 14 chairs to replace broken ones for my business. The total cost was $621. Should that go under Assets as a fixture or under expenses?

Depricate means I take part of the expense as a deduction now and then spread the rest over future years?

I bought 14 chairs to replace broken ones for my business. The total cost was $621. Should that go under Assets as a fixture or under expenses?

Yes.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post