Question

We purchased a cargo trailer for our business. How/where do I deduct it?

Forum|Forum|1 year ago
February 2, 2025
1 reply
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It cost $5000. Do I depreciate it? Or take the full deduction?

You will add this as a business asset in the Business section. It is a depreciable asset, but you can choose to use the Bonus Depreciation (which is 60% for 2024) and/or Section 179 expensing and take advantage of the tax benefits. Without knowing all the details of your business, you may want to look at the 179 if you have sufficient business income.

See Depreciation of Business Assets and post if you additional questions.