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Car depreciation for taxes
Posted on 4/13/10 at 5:56 pm
Posted on 4/13/10 at 5:56 pm
(no message)
This post was edited on 5/2/10 at 11:58 pm
Posted on 4/13/10 at 6:05 pm to oilmanNO
It is impossible to answer your question because you have not told us how much of the 13,000 total miles you have put on the vehicle since 2/1/09 were business miles. You do not get any depreciation deduction for the personal use of the vehicle.
Posted on 4/13/10 at 7:37 pm to oilmanNO
Somebody, anybody. trying to finish up tonight
Posted on 4/13/10 at 8:04 pm to Poodlebrain
So in turbo tax i for my car expenses i entered my miles and it gave me a total as my standard milage deduction and then asked me to see if actual vehicle deductions are higher so i enter that info in about gas, oil, tires, etc and then the next step says report cost. enter the lower amount you paid ( cost)for the lexus es330 or what it is worth (basis) on the date you started using it in your business. on the line to enter a number it says cost or depreciation basis. Is this where i enter $2,467?
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