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How much does your...

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Accountant's Assistant: It can cost anywhere from $10 to $100, depending on the type of issue and how much of the Accountant's time your question is expected to take (how complex and lengthy an answer you require).

I have a consulting business which is a single member LLC (a disregarded entity). As such, I roll up my business P&L under my personal tax return.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

So here is the question:

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I have financed a 2017 Range Rover and use it in my consulting business approx 55% of the mileage. I put the car in service in June 2017. Since it has a GVWR of 6000+ pounds, can I depreciate it at an accelerated rate in 2017 as a partial year? Do I need to pay the car off to do this? Is this the best way to handle this assuming I drive 11,000 business miles avg (out of a total of 20,000 miles anticipated in an avg full year).

Submitted: 4 months ago.Category: Finance
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Answered in 7 minutes by:
12/8/2017
Financial Professional: bkb1956, Finance Enthusiast replied 4 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 5,764
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The vehicle in question must also be used for business at least 50% of the time - and these depreciation limits are reduced by the corresponding % of personal use if the vehicle is used for business less than 100% of the time.

Remember, you can only claim Section 179 in the tax year that the vehicle is "placed in service" - meaning when the vehicle is ready and available - even if you're not using the vehicle. Further, a vehicle first used for personal purposes doesn't qualify in a later year if its purpose changes to business.

The following link contains additional information you will find helpful:

http://www.section179.org/section_179_deduction.html

Please let me know if I can assist you further.

My goal is to provide you with excellent service. Please take a moment to rate my answer with a 5-star rating to let me know that I have achieved my goal.

Thank you and best regards,

Barb

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Category: Finance
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