Hi experts!
We ordered a Food Truck late 2020 and received it in Jan 2021; the food truck business started mid-2021. The sale cost was $29,000. We paid $10K as a down payment (3 installments in 2020) and what we were able to quaify to finance the remaing $19K was a Lease Agreement paying a monthly fee for 40 months. The Lease agreement allows to purchae the food truck at the end of the term for $2K. How should I consider the food truck acquisition, an asset to depreciate or take the monthly fee as a expense deduction? Should I consider the $10K down payment different to the lease payments?
Thanks
