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Updated about 11 years ago,

Scott French's profile image
Scott French's profile image
Scott French
  • from Philadelphia, Pennsylvania
  • Member since Dec 6, 2012
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47
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8
Votes
Scott French's profile image
Scott French's profile image
Scott French
  • from Philadelphia, Pennsylvania
  • Member since Dec 6, 2012
Connect
Scott French
  • Philadelphia, PA
8
Votes |
47
Posts
Tax, SDIRAs & Cost Segregation

Assets placed in service and disposed of in the same year

Scott French
  • Philadelphia, PA
Posted

We bought a used refrigerator and it died 2 months later. I learned my lesson, i wont ever do that again.

What do I do with an asset that was placed in service and then disposed of with no salvage value in the same year? Is it just expensed and removed from my balance sheet?

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