Taxes on equipment

Status
Not open for further replies.

Skymaster

Jack
Senior User
Thats the reason I left NJ NOW freaking Wake is as bad or worse,Johnston,where I am at is rapidly following suit!!!!!!!!!!!!!! DAMN CARPETBAGGING YANKEES :cool: :cool: ;) ;) :rolleyes: :rolleyes:
 

Oka

Board of Directors, Vice President
Casey
Staff member
Corporate Member
Tangible assets or business equipment all can be depreciated over 20 years So, if some one states the asset is worth 30k, unless he is doing you a favor I would contest via the age relation to date of taxation. My Cpa has been a great advocate for getting all the deductions possible.
 

woodworker2000

Christopher
Corporate Member
"Value", including taxable value, is different than "depreciated value". Typically, a fully depreciated asset still has value and may be subject to personal property tax.
 

Willemjm

Willem
Corporate Member
I wonder Willem, if the equipment is owned by the company versus personally

I have no idea, not the expert here. For a LLC with one owner, I would not know the difference between “business personal property” and “business property”. The property is listed under my LLC, which includes the shop and it’s equipment, but it is located on residential property.
 

junquecol

Bruce
User
"Value", including taxable value, is different than "depreciated value". Typically, a fully depreciated asset still has value and may be subject to personal property tax.
It's my understanding that depreciated value is the same as salvage value. Nothing is ever totally worthless. It always has a salvage value. A non running motor vehicle is only worth it's salvage value, until repaired. Then it's worth it's "blue book value," which by the way varies from county to county. Next time you are on the roads of NC, notice how many big rigs have out of state plates, even though they are garaged here in NC. Register them in the lowest tax state. Look up why so many companies are based in Delaware. Delaware is an "on shore tax haven." Same goes for CC companies in South Dakota. Ever notice where they tear down a commercial property and leave the slab. There is a tax reason for this. Property is worth less, so taxes are less. Slab has no value, but the cost of removal of slab has to be deducted from value of the property. A future buyer would want the cost of removing slab removed from selling price, so that determines actual value. Two things are certain: taxes and death, only death doesn't get worse when the legislator meets. WAIT, I'm wrong, as we now have to pay sales taxes on funerals. One final kick in the back side from taxing authorities.
 

chris_goris

Chris
Senior User
I have no idea, not the expert here. For a LLC with one owner, I would not know the difference between “business personal property” and “business property”. The property is listed under my LLC, which includes the shop and it’s equipment, but it is located on residential property.
[/QUO
I have no idea, not the expert here. For a LLC with one owner, I would not know the difference between “business personal property” and “business property”. The property is listed under my LLC, which includes the shop and it’s equipment, but it is located on residential property.
Yes, but thats the point, "personal property" is just that, yours only, not used for "business", but Businesses may or may not pay annual taxes on assets, I dont know. Their taxes for such may simply be covered in other ways., Ask your CPA.
 

Bill J

Bill
User
We moved to Massachusetts for a few years (2014-2019) and everyone told to be ready for the shock of living in "Taxachussetts". I was amazed to find that property tax, income tax and sales tax were all higher in NC than MA.
 

ScottM

Scott
Staff member
Corporate Member
Sorry folks but this thread has rapidly gone down into the political wasteland. The thread is being closed to further updates.
 
Status
Not open for further replies.

Our Sponsors

LATEST FOR SALE LISTINGS

Top