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A specific election you can take is not at all the same as “you can do whatever”. Your writing heavily implied that they won’t penalize you for getting things w

A specific election you can take is not at all the same as “you can do whatever”. Your writing heavily implied that they won’t penalize you for getting things wrong up to $1M. That’s flagrantly wrong. Assets do not need to be sellable. Goodwill is an asset. It’s a not “real” thing. The book value is also completely unrelated to the market value. You have quoted a dictionary definition of the word “asset” from Oxford languages off of Google. You do realize we are not talking about about generic language but specific technical accounting definitions right? Desks are 100% capital assets. Office furniture has a specific useful life defined by the IRS. Feel free to Google this basic information.

lazide 2y ago
Nope. That exemption means you can either track them as capital assets and depreciate them, or take them as straight up business expenses in the year you qualify. It’s right in that first paragraph I quoted. Bullet a. Aka ‘whatever’. You would need to decide though. If you have a different definition of asset that includes ‘something of no market value’, then feel free to provide a reference. If you buy something you can’t sell later for money, it isn’t an asset anymore. Its economic value has been consumed, and it was an expense.
- jncfhnb 2y ago
  There are some exceptions to 179, and even then it’s an election. You have specifically invoke it, It’s not a catch all for oopsies on your taxes. I already gave you an example. Goodwill.
  - lazide 2y ago
    I’m really not sure what you’re trying to say. I never said it was an ‘oopsies’? In fact, I said you needed to decide which option to take. But it’s up to you. And Goodwill is definitely sellable/marketable in most cases, as it includes a number of valuable things like IP, brand value, etc. and typically occurs to track those things when an acquisition happens and someone pays money for them. And it gets concrete dollar amounts. You’re just flailing around, F-. And you definitely need a better accountant.

lazide 2y ago

Nope. That exemption means you can either track them as capital assets and depreciate them, or take them as straight up business expenses in the year you qualify. It’s right in that first paragraph I quoted. Bullet a. Aka ‘whatever’. You would need to decide though. If you have a different definition of asset that includes ‘something of no market value’, then feel free to provide a reference. If you buy something you can’t sell later for money, it isn’t an asset anymore. Its economic value has been consumed, and it was an expense.

jncfhnb 2y ago
There are some exceptions to 179, and even then it’s an election. You have specifically invoke it, It’s not a catch all for oopsies on your taxes. I already gave you an example. Goodwill.
- lazide 2y ago
  I’m really not sure what you’re trying to say. I never said it was an ‘oopsies’? In fact, I said you needed to decide which option to take. But it’s up to you. And Goodwill is definitely sellable/marketable in most cases, as it includes a number of valuable things like IP, brand value, etc. and typically occurs to track those things when an acquisition happens and someone pays money for them. And it gets concrete dollar amounts. You’re just flailing around, F-. And you definitely need a better accountant.