View Single Post
Old 03-30-2012, 08:13 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 1,944
Default car expenses

Originally Posted by Jenniferdawn View Post
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.
I'm on vacation til Sunday. I'll reply to your question late Sunday.
Reply With Quote