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I have a LLC business. I bought a trailer this year to pull behind my work truck with tools and materials. How do i categorize this trailer? It cost me $3300.

 
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KrisD
Intuit Alumni

I have a LLC business. I bought a trailer this year to pull behind my work truck with tools and materials. How do i categorize this trailer? It cost me $3300.

If you expect it last for more than 1 year, you will need to depreciate it on your Schedule C.

The software will let you know the options you have for depreciating it, sometimes you can elect to depreciate the entire amount the first year you put an asset into service.

CLICK HERE to learn what depreciation is 

CLICK HERE for information about the section 179 deduction



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2 Replies
KrisD
Intuit Alumni

I have a LLC business. I bought a trailer this year to pull behind my work truck with tools and materials. How do i categorize this trailer? It cost me $3300.

If you expect it last for more than 1 year, you will need to depreciate it on your Schedule C.

The software will let you know the options you have for depreciating it, sometimes you can elect to depreciate the entire amount the first year you put an asset into service.

CLICK HERE to learn what depreciation is 

CLICK HERE for information about the section 179 deduction



jtax
Level 10

I have a LLC business. I bought a trailer this year to pull behind my work truck with tools and materials. How do i categorize this trailer? It cost me $3300.

Schedule C implies that you are the only member (owner) of your LLC. If there is another member you can't do a schedule C.

You enter it as a business asset during the business interview. TT will ask you about it including date put into service (might not be date of purchase), cost, etc.
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