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I bought a 6500lb truck for the business and I want to know how I can put taxes for the purchase and depreciation. It is a used truck but this is the first one I am buying it for the business. Do I get to depreciate it?
Based on your question, I would suggest recording the purchase as a fixed asset and let your CPA/tax accountant work with you on this. Yes, you can depreciate it. However, you have options and there are positives and negatives to each method of depreciation depending on your situation.
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