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.
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.
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.