Discussion:Depreciation machinery & equipment
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Discussion Forum Index --> Advanced Tax Questions --> Depreciation machinery & equipment
Discussion Forum Index --> Tax Questions --> Depreciation machinery & equipment
| 30 May 2008 | |
| client is doing iron work,located in NY, wants to buy a heavy truck and wants to install some machinery and equipments on the truck which he will use to mnf'g and install metal railings etc, question number one, can this be treated as equipments for depriciation purposes or this needs to be trated as a vehicle (with lower section 179 deductions)?. question number two, can he be exempt of paying NY sales tax on the truck,using form st-121 since it is for mnf'g use? it will gratly appriciated if some one can answer these questions for me A/S/A/P. Thanks Email address is kay@thejnet.com | |
| 30 May 2008 | |
| If it were not for the subject matter, I would assume this was a third grade homework assignment. | |
| 30 May 2008 | |
| no profile, wants answer mailed to her, not a tax pro. I'll pass. | |
| May 30, 2008 | |
| She's been around since Dec 2007 tho...odd.
Anyone else think 'texting' is contributing to the grammar and spelling issues? | |
RoyDaleOne (talk|edits) said: | 31 May 2008 |
| Depending on the weight of the truck it may qualify for the heavy duty truck rules for depreciation.
The machinery and equipment can be classified as machinery and equipment for depreciation purposes. The New York question about sale tax is beyond my knowledge, because I have never prepared New York sales tax return and know nothing about the New York sale tax rules. | |
| 31 May 2008 | |
| I hope she apriciate all the answers to her depriciation question. Lets not all be a prick about it. | |
Southparkcpa (talk|edits) said: | 31 May 2008 |
| DZ
You speled depriciation rong. It is Deepresiation. Evryone no's that. | |
| 31 May 2008 | |
| It is my understanding that equipment permanently installed and affixed to the vehicle are treated as accessories and capitalized with the vehicle. If portable and not affixed to the vehicle then it would be machinery and equipment . | |
RoyDaleOne (talk|edits) said: | 3 June 2008 |
| Accessories to vehicles, yes are capitalized.
Actual machinery and equipment that are not part of the function of the vehicle, would be capitalized, however, just not part of the vehicle. | |
