Maybe I have been overthinking this but any help on the following would be greatly appreciated. Recently my firm just bought out several Operating leases that we had anywhere from 1-3 months left on the lease. This was all new computer hardware that was leased for 36 months. And now we have purchased used computer hardware. I believe that we can depreciate this newly purchased used hardware.
1) Is that true?
2) Any specific method? We usually use straight line but I read we need to use MACRS, true?
3) Where can I find the appropriate GAAP, FASB, IRS, etc on this? I not finding anything that’s specific.
1) Is that true?
2) Any specific method? We usually use straight line but I read we need to use MACRS, true?
3) Where can I find the appropriate GAAP, FASB, IRS, etc on this? I not finding anything that’s specific.