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Your truck and trailer would be considered depreciable assets for your business. Depreciation assumes that assets used to generate business income will wear out, get used up, or become increasingly obsolete over a period of time. For taxation purposes, depreciation lets you deduct the "used up" portion of that asset's cost every year, until the entire cost is used up or the business no longer owns the asset.
To enter your truck:
To enter your trailer purchase, follow steps 1-3 above, then the following:
For more information, please see the following TurboTax FAQ:
Your truck and trailer would be considered depreciable assets for your business. Depreciation assumes that assets used to generate business income will wear out, get used up, or become increasingly obsolete over a period of time. For taxation purposes, depreciation lets you deduct the "used up" portion of that asset's cost every year, until the entire cost is used up or the business no longer owns the asset.
To enter your truck:
To enter your trailer purchase, follow steps 1-3 above, then the following:
For more information, please see the following TurboTax FAQ:
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