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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4201
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I HAVE A BUSINESS AND GEORGIA THE STATE REURIES THE DEALERS

Customer Question

I HAVE A BUSINESS AND I AM IN GEORGIA THE STATE REURIES THE DEALERS TO TITLE THEIR SERVICE LOANERS AND HAVE THEM AS USED BUT GENERLA MOTORS CONSIDERS THEM NEW HOW DO I FIND OUTT IF IT QUALIFIES FOR END OF YEAR TAX DEDUCTION? thank YOU
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: NOT THAT I KNOW OF
Submitted: 2 months ago.
Category: Tax
Expert:  PDtax replied 2 months ago.

Hi from Just Answer. I'mCustomer and can assist.

Expert:  PDtax replied 2 months ago.

If the vehicles are titled, insured and placed in service, they become depreciation eligible for income tax purposes. I suspect sales tax must be paid as well.

When the vehicle is sold, it is a used car, even if GM warranties the vehicle as new. Much of the depreciation will have to be recaptured when sold outside the dealership, in 2017 or after.

Thanks for asking at just answer. Please rate my response with positive feedback to complete your inquiry. I'mCustomer

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