If I purchased a new air compressor for businesses purposes then I would be able to depreciate the cost. If a parent purchased a new air compressor for me and I then transfer that personal asset to my business then can I then still depreciate the cost of the air compressor even though I did not initially pay for it? Its…
i am a mechanic that needs to buy a **** ton of tools for work but its not my company and i even own a tool box thats 11k. I probably spend 2 k a year on tools alone. Can you write it off or whats a good way to deduct them LEGALLY? Theres got to be a way to write them off.
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