Tom Copeland Question on Vehicle Deprecation
Hello,
Can I transfer an 100% business use vehicle into shared use (50% or less)?? History- Placed in service: 2012 Actual Expense method claimed on 2012 taxes "first year" 50% Bonus deprecation rule used on 2012 taxes Just traded it in for a personal use vehicle (like-kind-trade "value") Note: I do have another personal use vehicle that I can re-place "move into business use" the traded in vehicle with. However, I need to list all vehicles as a shared auto (50% or less). Thanks Tom |
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Originally Posted by frugalmama4: |
Thanks for the quick response Tom,
So due I have to claim the actual expense method on the NEW vehicle since this was the method used on the old vehicle "traded"? Or can I now due the standard mileage rate? Thanks so much!! |
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Originally Posted by frugalmama4: |
Originally Posted by TomCopeland: Thanks Tom! |
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