I have about $3,000 in Tools of the Trade assets. I do software/IT support and it's all computer equipment, 100% business use.
If my declared assets are below the Federal limit ($2,175 Tools of the trade + $1,150 Wild Card), is keeping these assets pretty much guaranteed?
Since the Wild Card exemption can be used for anything, are items that I claim under it less likely to be challenged? Should I put my more critical equipment under Wild Card and less critical equipment under Tools of the Trade?
If my declared assets are below the Federal limit ($2,175 Tools of the trade + $1,150 Wild Card), is keeping these assets pretty much guaranteed?
Since the Wild Card exemption can be used for anything, are items that I claim under it less likely to be challenged? Should I put my more critical equipment under Wild Card and less critical equipment under Tools of the Trade?