Yes and No. If you purchased the snowmobile, even if you are making payments, it is considered paid for when you signed the credit agreement. This means, if you are using the snowmobile exclusively for your small business, you would list it as an asset (equipment) and depreciate it.
If you are making payments, the interest on the loan is deductible as a business expense.
If this is used for both business and personal use, you would need to determine the percentage of business use. You would then apply that percentage to the cost and only deduct the business use percent.
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