Finance Questions? Ask a Financial Expert for Answers ASAP
Hello, When were the vehicles purchased? Sales tax would be included in the vehicle cost for depreciation unless you paid it seperatly when you paid for your plates. If warranty was included with the cost of the vehicle it would be included in the depreciation, if purchased seperatly then you could either deduct completly this year or deduct a portion each of the length of the policy. Thanks Tom
Thanks, XXXXX XXXXX a few minutes I will see what the best way is. Tom
How long do you think you will be......I have to go to a meeting?
Hello again, First you would take the cost of the car and multiply by the business use to get your starting value. You then can do two things you can take accelerated depreciation under Section 179 and then take actual depreciation. You are limited to a maximum of just over $10, 000 per vehicle but that will be limited somewhat by the time of the year the vehicle was placed in service. I am snowed in and do not have the tax software on this computer or I could give you more exact calculation. If you are using almost any tax software it will do the work for. Thanks Tom
Hello, did you see my answer? Tom