Is buying used equipment for a rehab businesses a tax deduction

[Jason Smith]

Looking at buying a used dump trailer for my rehab business. But I got to thinking about the tax implications. I know I can depreciate a new one with a sales receipt but with a used one what do you show as evidence of a cash purchase in order to depreciate it?

Would I be better from a tax stand point on just buying new?

Thanks in advance

[Ashish Acharya]

Originally posted by @Jason Smith:

Looking at buying a used dump trailer for my rehab business. But I got to thinking about the tax implications. I know I can depreciate a new one with a sales receipt but with a used one what do you show as evidence of a cash purchase in order to depreciate it?

Would I be better from a tax stand point on just buying new?

Thanks in advance

 You might be even be able to take 100% bonus depreciation this year or take de minimis expense to deduct the entire expenses this year. 

You dont need to buy new to get the deduction. 

Bill of sale and canceled check  or 1099 if applicable should be fine to document it.