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Old 08-30-2002, 11:59 AM
Green Pastures's Avatar
Green Pastures Green Pastures is offline
LawnSite Silver Member
Join Date: Aug 2002
Location: Hampton, Virginia
Posts: 2,457
Virginia equipment ownership ???

I'm a newbie...this October will be two years in the biz. All my equipment is in my name personally. I got a bill from the state of Virginia asking me to list all my business assetts, equipment, computers, truck etc.

I'm wondering if it is worthwhile to place the equipment in the business name, pay the taxes on it as "assetts" and get the deduction in depreciation. I'm in the great commonwealth of Virginia, anybody from Virginia want to advise me on this.

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Old 08-30-2002, 02:08 PM
Mowin4cash's Avatar
Mowin4cash Mowin4cash is offline
LawnSite Member
Join Date: Mar 2000
Location: near Richmond, Va
Posts: 160
I got one word to say............INCORPORATE. You will pay the property taxes wether you're incorporated or not though.
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Old 08-30-2002, 03:55 PM
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wojo23323 wojo23323 is offline
LawnSite Senior Member
Join Date: Aug 2001
Location: Chesapeake, VA
Posts: 608
I pay business property tax on everything that I use for my business and I also deduct every little thing that I buy for my business. The business property tax is also a deduction on your schedule C.
JKC Investments,LLC
SE Virginia
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