Noob Question

[Michael DeBusk]

Rudi wrote:

> 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.

-- 
()  ascii ribbon campaign     * against html e-mail
/\  www.asciiribbon.org       * against proprietary attachments
Home: http://nlphilia.com     * Blog: http://nlphilia.net
Registered Linux User #450983 * Ubuntu Counter Project #10548