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Furniture purchased for rented space
The two members/partners of an LLC purchased about $2500 in furniture used in rented space for their salon services. Does the furniture (chairs, sofa, countertops) need to be entered on Form 1065 as a fixed asset or as an expense. If an expense, I am not sure where on Line 21 to report it. If we have to record each piece of furniture as a fixed asset, it would seem it can be written down using Section 179.
Thank you in advance.
May 11, 2024
9:12 PM