Supplies vs Depreciation Value

[Lee-Bee]

The tax worksop I did at the CCPRN with an accountant said the "rule" is if it costs over $300 and is used for more than 1yr then it uses the depreciated value method. If it is less than $300 or won't last for 1yr then you just use it as supplies.

They also said that during your opening year you don't use the depreciated value for items purchased to get started...I need to confirm this but I am hopeful it is true as I opened this year.

[bright sparks]

The tax worksop I did at the CCPRN with an accountant said the "rule" is if it costs over $300 and is used for more than 1yr then it uses the depreciated value method. If it is less than $300 or won't last for 1yr then you just use it as supplies.

They also said that during your opening year you don't use the depreciated value for items purchased to get started...I need to confirm this but I am hopeful it is true as I opened this year.

Yes Lee-Bee the first year is different with respect to start up costs but both accountants I used specialized in home daycares and they both told me the figure was $200

[ttremble88]

The tax worksop I did at the CCPRN with an accountant said the "rule" is if it costs over $300 and is used for more than 1yr then it uses the depreciated value method. If it is less than $300 or won't last for 1yr then you just use it as supplies.

They also said that during your opening year you don't use the depreciated value for items purchased to get started...I need to confirm this but I am hopeful it is true as I opened this year.

Really?! I know for sure that my accountant claimed dv, and it is my first year...... I hope that it does not screw anything over!