Originally Posted by frugalmama4:
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
To use the like kind exchange rule you must exchange the business vehicle for another vehicle used in your business. The newer vehicle doesn't have to be used 100% for your business. So, the answer to your question is yes.