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Is there a minimal dollar amount in NJ for a capital expenditure

Customer Question
? I heard it was...
Is there a minimal dollar amount in NJ for a capital expenditure ? I heard it was $500.00.
Submitted: 7 years ago.Category: Tax
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Answered in 10 hours by:
9/2/2010
Tax Professional: Merlo, Accountant replied 7 years ago
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello JA Customer,

 

A capital expenditure is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life that extends beyond the taxable year. A capital expenditure is not strictly determined by the purchase price paid for an asset or item. This concept is true in NJ and in any other state.

 

If there is a credit or something else in particular that you are inquiring about which is specific to the state of NJ, please let us know those details.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you

 

 

 

 

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Category: Tax
Satisfied Customers: 9,783
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Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad

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