Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Nov 18, 2022 8:24:29 PM

Is the purchase cost of asic miners added under start up cost or business assets or both?

0 1 169
1 Best answer
Level 15
Nov 19, 2022 6:43:19 AM

Durable goods that are intended and expected to last more than one year are assets and, as such, are capitalized and depreciated over the applicable recovery period once the business is open for business. In other words, the cost of assets are generally not start-up costs.

1 Replies
Level 15
Nov 19, 2022 6:43:19 AM

Durable goods that are intended and expected to last more than one year are assets and, as such, are capitalized and depreciated over the applicable recovery period once the business is open for business. In other words, the cost of assets are generally not start-up costs.