|LIST YOUR DAYCARE! FIND A DAYCARE!|
|07-24-2012 08:55 AM|
|07-23-2012 11:29 AM|
|Atroya||Are there any deductions I can take for buying a used van that will be used partly for the daycare, partly for personal use?|
|04-12-2012 09:05 AM|
|04-11-2012 03:25 PM|
First time doing my own taxes and I am confused on this depreciation.
The vehicle cost $43679.00
Tax for 2008 depreciation $13977.00 100% business use
Tax for 2009 depreciation $2850.00 100% business use
Tax for 2010 depreciation $1775.00 100% business use
Not sure how to figure out the depreciation for 2011 at 90% use or do I have any left to use? Thanks for any help that I can get
|04-06-2012 12:07 PM|
|Jenniferdawn||Awesome! Thanks so much Tom. I thought I was understanding that right, but it seemed too good to be true.|
|04-06-2012 09:21 AM|
If your van was purchased new -
$37,352 x 40% business use = $14,940
$14,940 x 10% = $1,494
+ $8,000 100% bonus rule = $9,494
Depreciation deduction for 2011: 9,494
|03-30-2012 12:09 PM|
|Jenniferdawn||Thanks Tom! I appreciate it. I'll look at the tags too, though I've already done some searching and read Tom's books thoroughly and I'm still a bit confused.|
|03-30-2012 09:13 AM|
|03-29-2012 05:08 PM|
|Michael||I'm sure Tom will reply at some point. I placed some TAGS on the bottom left that may be helpful until then.|
|03-29-2012 03:37 PM|
Actually, I'm more confused than I thought. I'll give you the numbers and you can help me figure this out.
My depreciation deduction for my van for 2011 is $1494.00. (37,352 (van cost) x .40 (business use) = 14,940 x .10 (first of 5 year straight line depreciation) = $1494.00) But the 100% depreciation rule says the deduction limit is raised by an additional $8000. Does that mean I add $8000 to the $1494 for my deduction? Or do I do 40% of the $8000?
Please anyone, I'm needing some help here.
|03-29-2012 03:19 PM|
|Jenniferdawn||We bought a new van in 2011 and are planning on using the actual vehicle expense method for taxes and to take advantage of the 100% bonus depreciation rule this year. One thing I'm not clear about though. The business use last year was 41%. Do I use that 41% for claiming the deduction for these 2011 taxes only and then come up with a new percent and recalculate each future year what the deduction is, or do I stick with the first years 41% for all 5 years of deductions?|