Hang on to asset
receipts! Business personal property is
usually valued at original purchase cost.
If there is no “ready market” for the sale of equipment,
machinery, and fixtures, the fair market value may be determined by resorting
to any reasonable and relevant information available.
- · Original/historic cost
- · Depreciation
- · Obsolescence
Receipts, sales listings, online ads, catalogs, etc. may the
best available resources to determine fair market value of fixed assets. Most assessors use the original cost as the
basis of value, and then apply a depreciation factor based on the purchase date
of the asset.
Most assessors use the original cost as the basis of value, and then apply a depreciation factor based on the purchase date of the asset. This is fine and true!-tax consulting services in Mesa-
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