- Joined
- Feb 24, 2016
- Messages
- 26
- Reaction score
- 0
- Country
Hi,
We have set our safe harbor threshhold for capitalizing equipment at anything $2,500 or more. My question is, can I expense out equipment under $2,500 from previous years that are sitting on my balance sheet? Meaning, prior to setting our threshhold, any assets under $2,500 that are currently on our balance sheet, can I now expense them?
Thanks!!
We have set our safe harbor threshhold for capitalizing equipment at anything $2,500 or more. My question is, can I expense out equipment under $2,500 from previous years that are sitting on my balance sheet? Meaning, prior to setting our threshhold, any assets under $2,500 that are currently on our balance sheet, can I now expense them?
Thanks!!