michael at nlphilia.com
Wed Apr 16 00:39:47 EDT 2008
> Cash from my 'Asset' bank a/c goes into the 'Expense'
> account ( I selected 'Computer' as it's digital hardware ).
> That all work's great and the cash transaction is recorded
> fine. My question is regarding my new physical asset.
This is just my way of thinking about it, of course, but... unless it's
a truly kick-butt professional-grade camera that costs many hundreds of
dollars, I'd just call it an expense. Most personal finance is done on a
cash basis. (The only thing I depreciate is my vehicle, because if I
didn't, my net worth would appear about ten thousand dollars higher than
it would reasonably be.)
The exception would be if you make more than a few hundred bucks a year
with a photography hobby. If that's the case, the IRS might expect you
to depreciate it.
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