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Level 1

What expense type/category does rental inventory go under?

I have a new business renting out vintage china place settings for weddings and events. I don't know what the standard useful life of a plate would be, but I imagine purchasing china for my inventory to rent out would be a depreciable asset and not an asset that is expensed all in a single year. I just don't know how to enter this expense especially since I'm just starting out with Quickbooks. 

 

Thanks!

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Community Champion

What expense type/category does rental inventory go under?

Rental inventory is always entered as a fixed asset https://smallbusiness.chron.com/can-claim-rental-inventory-expense-47284.html and even when a purchase qualifies for first year write-off. I would avoid Section 179 or even writing off startup costs in the first year of a business you have never been in before as preponderantly  1st year startups lose enough  to begin with without needing any extra writeoff

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