Is owning a taxi a liability or asset?

Answer 1

Owning a taxi can be considered both a liability and an asset depending on the context. As an asset, it generates income through fares and can appreciate in value if well-maintained. However, it also comes with liabilities such as maintenance costs, insurance, and potential depreciation, which can offset its value. Ultimately, the classification depends on the owner's financial situation and how effectively the taxi is managed.