Have Tax Questions? Ask a Tax Expert for Answers ASAP
Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.The machine you are purchasing would be an allowable expense. You are actually buying the equipment from your brother (if your brother is not in the business with you).There must be a legal obligation for a debtor to pay a creditor a specified sum of money. The best way to establish this relationship is with a written document between you and your brother.
My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.