Posted on 04/08/2022 1:01:14 PM PDT by Cedar
> Ask 7 different tax experts and get 9 different answers. Six of which which will be correct.
Also, 5 will be incorrect.🥴
Used employer equipment does not constitute used by him. Used by him would be if it were his own personal property
This. And ditto the depreciation advice, do all this year for that item.
Good luck. I managed to navigate my way through the capital gains schedule based on my home sale in my former state of Maryland from last November. Luckily, I ultimately turned out to owe 0 in capital gains, but I was also lucky to get through the documents (written in bureaucratic Sanskrit) so I could properly figure things out.
Thanks. Glad things went well for you!
The tax code is a monstrosity. Hundreds of billions of dollars wasted annually on compliance costs, that could instead have been economically productive labor. Scrap it all.
Just make it up as you go along
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