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M
mac20coaching
Level 4
March 30, 2023
Question

My client purchased a Honda CRV for $45,000 in 2022 for 100% business use. Can I depreciate the full amount of the cost in the first year?

  • March 30, 2023
  • 3 replies
  • 15 views
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3 replies

T
TaxGuyBill
Level 15
March 30, 2023

If you are asking if Bonus depreciation or Section 179 can claim the entire cost for this year, the answer is no.  Vehicles under 6000 pounds have limits (and some vehicle over 6000 have sometimes have a limits too).

Have you entered it into the software to see what it shows?

    dkh
    dkh
    Level 15
    March 30, 2023

    See Lisa's answer to your other post https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/my-client-purchased-a-ford-f-250-for-60-000-in-2022-for-100/00/258125

     

      T
      taxes96786
      Level 8
      March 31, 2023

      I recommend not using 179 etc unless it will lower a tax liability. It is being wasted otherwise. If I do use it I only use the amount needed to zero out the liability and then depreciate the balance.

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