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My question is regarding car depreciation for my rental car
good morning,my question is regarding car depreciation for my rental car business. Im a sole proprietor LLC its used for 100% rental so it qualifies for section 179 deduction , I plan on deduction 100… read more
PDtax
PDtax
Owner
Master's Degree
4,304 satisfied customers
My question is regarding depreciation for a car/truck using
my question is regarding depreciation for a car/truck using an actual expense method. My business is a single member LLC.my question is do i absolutely have to have a mileage log ?? my car is 100% use… read more
Barbara
Barbara
Enrolled Agent, Paralegal
6,431 satisfied customers
I opened a business for rental cars, my question is do i
my question is do i need to keep track on the mileage on the rental cars … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
18,927 satisfied customers
I need help filling out form 4562 i want to take section 179
i need help filling out form 4562 i want to take section 179 for my van i acquired last year full amount but my software doesnt let me what i am missing? … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
167 satisfied customers
Regarding Section 179 and Uber , I have placed Vehicle
I have placed Vehicle in UberSelect & business use effective 2015 and would like to know whether I can writeoff full value of the car in year 2015 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
I set up a LLC this year business, I want to reduce my
I set up a LLC this year for home business, I want to reduce my business income for tax purpose. If I buy a new car, will the cost of the car be deducted as business expense? thanks… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
I am trying to help a friend with their taxes, which is up
I am trying to help a friend with their taxes for 2014, which is up against the deadline. We keep getting different feedback regarding depreciation of an RV. He bought it in 11/1/2014 for $130,000 and… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
What is the maximum amount of Section 179 and the maximum
What is the maximum amount of Section 179 and the maximum amount of depreciation that can be taken in 2014 for a 2012 Nissan Sentra costing $ 10863 placed in service on Nov 15, 2014. The car stays at … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
I bought a car in 2008 and have used it 60% purposes.
I bought a car in 2008 and have used it 60% purposes. Some sources tell me I can deduct up to 11,060 179, immediately, but my tax software seems to want me to depreciate it over time. What is correct?… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
3,285 satisfied customers
i have two questions i am reading a section on depreciation,
i have two questions i am reading a section on depreciation, the first question is if property was disposed in the year of disposition for MACRS property being depreciated under the half year conventi… read more
Anne
Anne
Master Tax Preparer
2,361 satisfied customers
Could a passenger car (less than 6,000.) bought at a completion
Could a passenger car (less than 6,000.) bought at a completion of a 3 years lease be depreciated under section 179 (3 years old car at the year of buyout / purchase) on a C-Corp tax return. If so cou… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,586 satisfied customers
I am an independent contractor and leased a car for 3 years
I am an independent contractor and leased a car for 3 years ending in July 2013- I made larger payments this last year than the lease amount and then in July 2013 bought the car at the buy out amount.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
buy/lease car year end tax planning. I 100% own a C corp. option
buy/lease car year end tax planning. I 100% own a C corp. option 1: Buy a car in individual name and lease it to my company, option 2: buy car in company name option 3: lease car in company name. opti… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
Im starting a car rental business. I want to buy 2 cars to
I'm starting a car rental business. I want to buy 2 cars to start with, and buy them 100% in cash out right. Can I utilize section 179 to deduct the full purchase price of both cars, since they are ca… read more
CFEPro789
CFEPro789
Fraud Analyst
Master's Degree
369 satisfied customers
What amount to enter as Section 179 deduction (please compute
What amount to enter as Section 179 deduction (please compute total depreciation) on 2012 personal income tax return (schedule C) for a USED car (not a new car) purchased in June 2012 for $7,xxx? The … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
If I bought a Toyota Carola in October 2011 for a business
If I bought a Toyota Carola in October 2011 for a business purpose, am I eligible for section 179 to claim the total cost or around 11600 for this year? and also claim the mileage on my old car until … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
I bought a new car in 2010 and use it 70% for business. I own
I bought a new car in 2010 and use it 70% for business. I own the business 100% which is an S-corp. I want to take the section 179 deduction. Do I need to reimburse myself for the car payments this ye… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,815 satisfied customers
I bought a 1996 Cadillac for $8071.94 on 12/31/03 to be used
I bought a 1996 Cadillac for $8071.94 on 12/31/03 to be used for business purposes. How much can I clain in depreciationfor tax purposes in 1993 and subsequent years?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,799 satisfied customers
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