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I HAVE A BUSINESS AND GEORGIA THE STATE REURIES THE DEALERS

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I HAVE A BUSINESS AND...
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: 1 year ago.Category: Tax
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Answered in 48 minutes by:
12/22/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,775
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year 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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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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