I opened a restaurant in 2015. Due to excessive financial losses I closed it and sold the assets in 2016.
I'm confused about how I am going to write off the assets I purchased. As I understand it, large fixtures meant to be kept long term are not treated as 'expenses' but must be 'depreciated'. My issue is this...for the large capital assets such as the refridgerators and ovens that cost me a ton of money how will I write them off? If it's a capital asset and let's say I paid $25,000 for them, and sold them a year later for $25,000, how will this be recorded on the 2015 tax form? I can't depreciate it as I sold it a year later.
