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Business & farm
New or used doesn’t matter. If it costs more than $2500, it is depreciated when placed in service, at the price you paid or fair market value, whichever is less. (Most of the time when you buy from an unrelated person, the sales price is the fair market value, but there can be exceptions in unusual situations.)
As mentioned, you have several depreciation options, which each have advantages and drawbacks.
November 27, 2021
8:38 PM