Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I was wanting to know i purchased a semi truck in the 4th…

Customer Question
Hello i was wanting to...
Hello i was wanting to know i purchased a semi truck in the 4th quarter of 2015, 11/5/2015 to be exact. My question is do i have to start depreciation on 2016 taxes with Mid-quarter method? Or do i wait until 2017 taxes to begin with the half year method?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 6 minutes by:
2/2/2016
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,697
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

You will have to start the depreciation in the year you placed the truck in service. If you bought the truck and immediately started using it for business in November 2015, you will have to start your depreciation on your 2015 tax return. If you have to use mid quarter or mid year depends on how much of capital asset you purchased in the entire year. If you purchased more than 40% of your capital asset (car, equipment, machinery) in last quarter, you will need to use mid quarter convention. Otherwise you can you mid year.

Ask Your Own Tax Question
Was this answer helpful?
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Do I have to depreciate a fixed asset if I am financing it?
Do I have to depreciate a fixed asset if I am financing it? Does it have to be depreciated? Thanks… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Turbo Tax is asking me for "8824: 100% depreciation" of a
Turbo Tax is asking me for "8824: 100% depreciation" of a business vehicle that was totaled. I'm not sure what they are looking for, here. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Im trying to depreciate my vehicle that i drive for
im trying to depreciate my vehicle that i drive for business.whats the difference between depreciation and amt depreciation … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am filing a final 1120S return. The only asset is an auto
I am filing a final 1120S return. The only asset is an auto with a depreciated basis equal to the fair market value, and this auto is being transferred to the shareholder who made the loan. A sharehol… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can bonus depreciation be taken for residential rental
Can bonus depreciation be taken for residential rental property improvements? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax Question:? What happens to the remaining depreciation
Tax Question:? What happens to the remaining depreciation when an asset is taken out of service early?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
Tax question: What happens to a fixed asset for a business
Tax question: What happens to a fixed asset for a business that becomes a hobby? Is it carried over if there is no hobby income? Please provide IRS references.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Which of the following is true of depreciation for an
Which of the following is true of depreciation for an estate?It is allocated between the trust and beneficiaries based on the income allocated to each. It is allocated entirely to the estate for tax p… read more
Carter McBride
Carter McBride
LLM
1,060 satisfied customers
TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME)
I AM FILING TRUST RETURN FORM 1041. THE ONLY ASSET (THE DECEDENT'S HOME) WAS USED AS A RENTAL PROPERTY FOR 9 YEARS AND THERE IS CAPITAL GAIN. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
How are UTMA assets taxed by the IRS after the age of
How are UTMA assets taxed by the IRS after the age of transfer … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We have an LLC taxed as a partnership. The only asset on the
We have an LLC taxed as a partnership. The only asset on the books is an Invest we made for 20% share in another LP. I just got the K1 the partnership capital account shows the beg contribution of 500… read more
taxmanrog
taxmanrog
Master\u0027s Degree
938 satisfied customers
If I have assets under a S Corp that are fully depreciated,
If I have assets under a S Corp that are fully depreciated, is there any tax impact if I sell them? For instance, I have a old tractor that might be worth 2500 in scrap metal that is fully depreciated… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,221 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have underreported depreciation on an asset because I have
Hi,I have underreported depreciation on an asset because I have misclassified the asset under the wrong asset class (it should be 15 year qualified restaurant property and I have it as 39 year propert… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have underreported depreciation on an asset because I have
I have underreported depreciation on an asset because I have misclassified the asset under the wrong asset class. How do I go about adjusting this on the next tax return? I do not want to amend last y… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
How do I figure out depreciation for my income tax return? A
How do I figure out depreciation for my income tax return? A friend recently died owning tillable and productive farmland with no buildings. The farmland was appraised by a licensed appraiser. He did … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Regarding bonus depreciation and section 179 depreciation.
Regarding bonus depreciation and section 179 depreciation. Are you allowed to elect to only use 50% bonus depreciation and elect not to use section 179 depreciation first?… read more
abci168
abci168
Principal
27 satisfied customers
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.

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.

Show MoreShow Less

Ask Your Question

x