I understand that I can depreciate an asset converted to business use. This item is a $600 item that was used only once. It doesn't seem reasonable that I would convert the entire cost over to an asset for a one-time use.
But maybe the usage doesn't matter and it should be considered a business asset now? I thought it would make more sense to "rent" it to my business. The going rate for renting one of these from the local rental is $50 per hour. Is it ok to rent something to your own business?
