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: 3,983
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?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
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

4,512 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

15,569 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
We bought a used semi truck Sept 22, 2011, and of course,
Hi, we bought a used semi truck Sept 22, 2011, and of course, have been deducting expenses rather than using the standard mileage. The truck essentially blew up in 2016 and we sold it for parts. How d… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I want to calculate the depreciation of a semi truck and
I want to calculate the depreciation of a semi truck and where do i claim it on my taxes … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Friend did not receive dissolution from state operated a
Friend did not receive dissolution from state operated a dissolved corp. S Corp . Accountant said to file taxes as a sole proprietor.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am trying to launch an e-commerce site. I purchased
Hello, I am trying to launch an e-commerce site. I purchased inventory much too early before launch. How often can a business owner keep rolling their inventory over from year to year as a tax advanta… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We are starting both a Bed and Breakfast out of our home, as
We are starting both a Bed and Breakfast out of our home, as well as a catering business to support the B&B and other functions. Our total revenue is expected to be in the area of $$200,000 Question i… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I have a vehicle I converted from personal to business at
I have a vehicle I converted from personal to business at the beginning of the year--2016. I am considering whether and how to depreciated the vehicle. Can you explain what I would be looking at onlin… read more
emc011075
emc011075
Tax adviser
3,983 satisfied customers
I just want to properly depreciate 2 pieces of office
Hello. I just want to properly depreciate 2 pieces of office furniture I bought in 2015 and put it in correctly on form 4562. Can you help me with that?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
My husband and a friend started a trucking business in July
My husband and a friend started a trucking business in July of last year, in a 50/50 ownership. It is a light weight truck (14,000lbs) and will be used to carry/deliver goods in our local area. They o… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
How can it be that one program (CSA from Thomson Reuters)
How can it be that one program (CSA from Thomson Reuters) and another program (Quickbooks for Accountants 2016) tell me different numbers for depreciation of a 2016 F-250 just bought in Oct 1, 2016?… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
I created an S corp in 2014 and used personal money to buy
I created an S corp in 2014 and used personal money to buy another company and merge it into the existing S corp. What is the best way to write off/depreciate the purchase?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
1120 S going to buy a new business vehicle, work van about @
1120 S going to buy a new business vehicle, work van about @ $74000.00 what would be the depreciation method and amounts per year and/or what would be sec 179 for 2015 and then balance of the asset li… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
When does the IRS require that I change from a quarterly to
When does the IRS require that I change from a quarterly to monthly depositor? I know now that total withholding for this quarter will exceed $2500. But, do I have to switch mid-quarter? Or can I just… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a renter. The AC unit was purchased, according to the
I am a renter. The AC unit was purchased, according to the owner 30 months ago for $2000. After normal depreciation, what would be the value of the AC at this current time… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a truck driver and drove someone else truck during 2014.
I am a truck driver and drove someone else truck during 2014. I also purchased my own truck and was doing repairs to it getting it ready for the road. Can I capitalize and depreciate that truck and if… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A new business begins operations on 10/13/2010. All assets
A new business begins operations on 10/13/2010. All assets are purchased on that day. Can the assets, which consist of office & computer equipment, be depreciated using 5 & 7 year lives in 2010 or doe… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I need to caculate depreciation on our semi-truck. I had a
I need to caculate depreciation on our semi-truck. I had a CPA do the taxes last year. Do I use the same numbers or does the value of the truck change each year?… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
Debra acquires the following new assets durring the current
Debra acquires the following new assets durring the current year Date Asset cost april 11 furniture 50,000 July 28 Trucks 30,000 november 3 Computers 60,000 determine the cost recovery for current yea… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
1. Sawback Corporation purchases a new machine in July 2008
1. Sawback Corporation purchases a new machine in July 2008 for $200,000. No other fixed assets are placed in service in 2008. Sawback has substantial taxable income and desires to minimize this amoun… read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
3 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