topic Under the schedule C expenses/assets section, Does the equipment/tool need to be purchased during the current tax year or just utilized during the tax yr? in Business & farm

Under the schedule C expenses/assets section, Does the equipment/tool need to be purchased during the current tax year or just utilized during the tax yr?

teamlichtertaxre — Sat, 01 Jun 2019 21:09:22 GMT

The equipment/tool must be purchased during the year. De...

AlanT — Sat, 01 Jun 2019 21:09:23 GMT

The equipment/tool must be purchased during the year. Dependent on the equipment or tool, it would either be deducted as an expense or included as an asset that has to be depreciated.