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March 8, 2025
Question

I spent $23,000 of my personal money on equipment I will be starting a business with in 2025. How can I show that loss or expenditure for 2024?

  • March 8, 2025
  • 1 reply
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1 reply

March 8, 2025

You cannot show this expenditure in 2024. This asset is not allowed to be depreciated or other possible deductions until it is placed in service for a business income producing activity. For this reason you will use it in 2025 when the business is actually active and operating.

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