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If the car is invested in business purposes for 31% and the…

If the car is invested...
If the car is invested in business purposes for 31% and the base price of car is 28124 with recovery period of 5 and the method is HY, how much depreciation can I deduct every year?
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Answered in 7 minutes by:
3/8/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello!

The straight line method for vehicles is 5 year period.

Therefore...$28,124 X .31 = $8,718 Business use portion of basis

$8,718 / 5 years = $1,743 annually.

What do you mean by HY?

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It would be nice if you could use Section 179 , but since you don't use the vehicle over 50% for business, that option is out.

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Customer reply replied 1 month ago
I thought the same amount but my previous Tax filer used only 585 so I have doubt about it

Huh, maybe they business use was different or maybe the tax filer may be incorrect.

I'm confident we have the right number, especially since we both got the same number.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Thank you
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