We had to replace the transmission in our work truck. It was $4450.00, more than the truck cost. Should the new transmission be considered an asset? If so, what category of asset would it fit under?
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Are you claiming Vehicle Expenses for a Business? If so, you can claim Actual Expenses this year and claim the new transmission as a Vehicle Expense.
If you use the vehicle 100% for Business for instance, you can claim 100% of the expense; or allocate according to your Business Use %.
However, you could also set up a separate asset for the transmission. Either way is acceptable, depending on what works best for you. You can select five-year property, same as a Vehicle.
Here's more info on Business Assets.
Here's more info on Business Vehicle Expenses.
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