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I am a real estate sole proprietor and considering
Hello! I am a real estate sole proprietor and considering purchasing a business vehicle. The vehicle I am considering is a SUV that weighs in excess of 6,000 GVW. With the new 2018 bonus depreciation … read more
Carter McBride
Carter McBride
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I have a single member LLC. I'm trying to buy a business
I have a single member LLC. I'm trying to buy a business vehicle (>6000lbs) but my LLC is not profitable this year. Can I still deduct the full cost of the vehicle as loss and carry it to next year… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
I have a client who purchase a shop for his auto business on
Hey Lane,I have a client who purchase a shop for his auto business on 10/16/17. From what I'm reading it looks like he could take a bonus depreciation of 100%.My questions are: #1 is that correct? #2 … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
I have a tax client that owns a Used Car Dealership. He
Hey Lane,I have a tax client that owns a Used Car Dealership. He drives around the inventory and in the past has written off the mileage. Can he do that? I would assume that just reduces the value of … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Just need to do a double check with you to make sure what I
Hey Lane,Just need to do a double check with you to make sure what I read is accurate. I have a tax client who did a Kitchen Remodel on her house rental property. I'm reading that she cannot take Sect… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
I have a client who's previous tax prepared deducted
Hey Lane,I have a client who's previous tax prepared deducted timeshare maintenance fees on the schedule A under Miscellaneous Deductions for 2016. This year she has the same maintenance fee's plus a … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, Going back to my question yesterday where I am
Hey Lane,Going back to my question yesterday where I am depreciating the vehicle for "its first time". I was noticing the previous tax preparer who did the 2015 return took a "reduction of basis" for … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I'm working on an S Corp return where the books for
Hi Lane,I'm working on an S Corp return where the books for the Long Term Liabilities have not been updated in a couple of years. There is a Vehicle loan that zeroed out years ago, but still shows an … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I'm working on an S Corp return. It is their final
Hi Lane,I'm working on an S Corp return. It is their final return. California is the state. The client has computer software that is being fully depreciated on the Federal. California normally does no… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I'm working on a rental property and need to
Hi Lane,I'm working on a rental property and need to depreciate a Remodeled Bathroom. I'm having trouble figuring out the "property type" and "class life".Please advise.Thanks,Kathleen… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I have a client that back in 2015 had 2 Sole
Hi Lane,I have a client that back in 2015 had 2 Sole Proprietor business. One was a real estate company and the other sold Antique Furniture company. Last year I depreciated the clients Kia off of the… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I have a simple question that I have been unable to
Hi Lane,I have a simple question that I have been unable to research that I need to be 100% certain on. My client who owns a business deducted his vehicle expenses using the Actual Method the first ye… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
I own a business and I need to buy a van or a pickup and I
Greetings Pearl, I own a business and I need to buy a van or a pickup and I want to know the rules to take a 179 deduction instantly as I do my taxes in the next month. My Sisto year ends January 31, … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Lane, I'm working on a tax return for a Single Member LLC
Hi Lane,I'm working on a tax return for a Single Member LLC and I'm getting confused regarding depreciation and amortizations. He just started his business in 2015, and rents a building of which he ha… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
Question? what is the section 179 amount for passenger
Question ? what is the section 179 amount for passenger vehicles for depreciation for 2015 , is it $3460.00 or more ? my sister purchased a toyota rav 2013 on 09/01/2015 that she use for the business … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Hey Lane,I'm working on a tax return divorced lady
Hey Lane,I'm working on a tax return for a divorced lady who is claiming her daughter for 8 months of the year as a dependent. The daughter has health insurance coverage through her father's employer,… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
With the section 179 and bonus depreciation, am I able to
With the section 179 and bonus depreciation, am I able to write off a majority of a $70,000 SUV over 6000 lbs this year? I placed it in service on 12/23. It's new and financed.… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
15,275 satisfied customers
I purchased a vehicle the last week of december to be used
I purchased a vehicle the last week of december to be used in my business. it will be used about 95% for business and I would like to know if I have to take the special allowance in tax year 2012 or c… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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