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I can't write off the monthly payments because it's a lease with $1 buyback at the end. Our Revenue Agency treats this as a financing contract not regular lease so you have to use DEPRECIATION to write it off. I actually prefer the depreciation method because it's more flexible and I can write off much more money in one year, as much as 30% of the total cost of the rolling tarp system.Originally Posted by specialkay
You could put it through as a cost of doing business. Same as repairing your truck or repairing you side kit (if you had one) Everyone is different but I'd probably keep it separate from the rest of the trailer and write off the monthly payments until it's payed for.