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mattgutz
Level 4
October 4, 2022
Question

Loss on business vehicle bought and sold in the same year

  • October 4, 2022
  • 1 reply
  • 20 views
The client bought and sold his food truck in 2021.  Does this still need to run through the depreciation schedule?
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1 reply

Terry53029Intuit Community Champion
Intuit Community Champion
October 4, 2022

Even if all requirements to depreciate property have been met, you cannot depreciate property placed in service and disposed of in the same year. See pub 946. https://www.irs.gov/pub/irs-pdf/p946.pdf

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