For a low value asset (less than $100) being expensed rather than depreciated, can the expense be taken in a subsequent year of use if not taken previously, or has to be taken in the first year in service?

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Any expense must be deducted in the year in which it is placed in service unless you are a cash basis taxpayer. In that case, it would be deducted in the year in which it was paid for. If the purchase is placed on a credit card, it is considered paid for tax purposes when the charge is made to the card.

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For a low value asset (less than $100) being expensed rather than depreciated, can the expense be taken in a subsequent year of use if not taken previously, or has to be taken in the first year in service?

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For a low value asset (less than $100) being expensed rather than depreciated, can the expense be taken in a subsequent year of use if not taken previously, or has to be taken in the first year in service?

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