Mike92ct
Returning Member

Business & farm

Well, to not enter further confusion, let me think of an example..

Lets say a $7,500 purchase was made on 12/25/2021. A business was started on 01/01/2022.

Let's say there was no business or mention of asset on the 2021 taxes (wouldn't be.. business started 2022) 

So in that example, what options are to the then compare the tax advantages. Is 179 available for this item previous year, but placed in service beginning on next year, but only few days later, or is depreciation only available, spread over 5 years. Or combination of the two..