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If a piece of equipment, vehicle, side by side, or implement is being used for my llc, can I write off it's purchase or payments?

 
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DRich5
Employee Tax Expert

If a piece of equipment, vehicle, side by side, or implement is being used for my llc, can I write off it's purchase or payments?

Typically equipment, vehicles, side by sides, implements and tools (ASSSETS) are more items that have a useful life of over a year and are traditionally more expensive than small tools used routinely in business. 

Depending on how you purchased the asset, you have a couple of options as far as writing off the asset for business purposes.  In most cases, the asset will be recorded as an asset and depreciated over the life of the asset.  There are some options for special depreciation and bonus depreciation which can accelerate the write off of the asset quicker. 

If you financed the equipment, in addition to depreciating the asset, you can write off the interest payments paid over the life of the loan. 

Here is a great TurboTax Article about Depreciation of Business Assets....  https://turbotax.intuit.com/tax-tips/small-business-taxes/depreciation-of-business-assets/L4OStLQEL




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