Discussion:Operating lease
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| {{ForumNewPost|UserID=Asecpa|Date=23 October 2009|Text=A client started a new lease on a piece of equipment at end of last year and it was treated as an operating lease by previous tax preparer. The lease technically qualifies as capital lease and while the taxpayer did not have profits for Sec. 179 they could have elected bonus depreciation on the equipment. My question is should I just leave as is with taxpayer deducting rental payments or do I have to do a change in accounting method, amended return, or some other way any of you may have corrected things like this in the past. Thanks!}} | {{ForumNewPost|UserID=Asecpa|Date=23 October 2009|Text=A client started a new lease on a piece of equipment at end of last year and it was treated as an operating lease by previous tax preparer. The lease technically qualifies as capital lease and while the taxpayer did not have profits for Sec. 179 they could have elected bonus depreciation on the equipment. My question is should I just leave as is with taxpayer deducting rental payments or do I have to do a change in accounting method, amended return, or some other way any of you may have corrected things like this in the past. Thanks!}} | ||
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| - | {{ForumReplyPost|UserID=Natalie|Date=October 23, 2009|Text=Is the bonus depreciation significant}} | ||
Revision as of 20:05, 23 October 2009
Discussion Forum Index --> Advanced Tax Questions --> Operating lease
Discussion Forum Index --> Tax Questions --> Operating lease
| 23 October 2009 | |
| A client started a new lease on a piece of equipment at end of last year and it was treated as an operating lease by previous tax preparer. The lease technically qualifies as capital lease and while the taxpayer did not have profits for Sec. 179 they could have elected bonus depreciation on the equipment. My question is should I just leave as is with taxpayer deducting rental payments or do I have to do a change in accounting method, amended return, or some other way any of you may have corrected things like this in the past. Thanks! | |
