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Get your taxes done using TurboTax
if you are paying $18K per year or so on the financing the principal amount you are financing is part of the depreciable cost and depreciation should have started in the year the equipment was put into service so it seems that 2020 and 2021 were reported incorrectly. see a tax pro becuase this needs to be corrected. you can not expense the principal payments as they are paid.
‎August 29, 2023
8:54 AM