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Depreciable Assets: Freight & Other Acquisitions Costs

March 18, 2021

The IRS requires that you to include acquisition costs—sales tax, freight charges, installation and testing fees, etc.—in a depreciable asset's tax basis (the amount you are allowed to depreciate for income tax purposes). What if some acquisition costs are paid for separately, not as part of the asset's purchase transaction? This article shows how to include them in the asset's tax basis, using a technique compatible with Volume IV of The QuickBooks Farm Accounting Cookbook™ series.

Depreciable Assets: Freight & Other Acquisitions Costs

March 18, 2021

The IRS requires that you to include acquisition costs—sales tax, freight charges, installation and testing fees, etc.—in a depreciable asset's tax basis (the amount you are allowed to depreciate for income tax purposes). What if some acquisition costs are paid for separately, not as part of the asset's purchase transaction? This article shows how to include them in the asset's tax basis, using a technique compatible with Volume IV of The QuickBooks Farm Accounting Cookbook™ series.

 

 

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