USA equipment depreciation question
- Thread starter spdhillon
- Start date
GPT Answer:
"I am not an accountant, but it seems that if the equipment is owned by a separate LLC, you may not be able to directly depreciate it against the income of the S-corp.
You might need to lease the equipment from the LLC to the S-corp, and then the S-corp could potentially deduct the lease payments as a business expense.
It would be best to consult with a tax professional or accountant to determine the best course of action for your specific situation."
[disclaimer]
I am not an accountant. I posted your question to GPT-4 and it generated the above response. I am just trying to understand how well these models work. FASAB Handbook top page references: 2633, 1530, 1555, 980
"I am not an accountant, but it seems that if the equipment is owned by a separate LLC, you may not be able to directly depreciate it against the income of the S-corp.
You might need to lease the equipment from the LLC to the S-corp, and then the S-corp could potentially deduct the lease payments as a business expense.
It would be best to consult with a tax professional or accountant to determine the best course of action for your specific situation."
[disclaimer]
I am not an accountant. I posted your question to GPT-4 and it generated the above response. I am just trying to understand how well these models work. FASAB Handbook top page references: 2633, 1530, 1555, 980