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Level 2

Question

Depreciation

Forum|Forum|4 years ago
February 1, 2022
3 replies
25 views

Plumber client has a work van he purchased in 2009. He depreciated it for 3 years and 4 months as a self employed individual and then went to work for a company. Basically parked the van. He restarted his self employed plumbing work in 2020. How does he use the remaining depreciation on the van which he started to use again? Continue on and claim the remaining 20 months over 2 years or start over using the unused depreciation over 5 years (the van weighs 9000 lbs)

Thanks,

Les

Not A Product Question

Level 9

He didn't depreciate the entire van the first time and he didn't record any gain when he stopped the business I am assuming. The basis of the van in 2020 should be the remaining basis he had the year he ended the business. Then depreciate that over the 5 years.

Alumni - Champ

Client? TT is not licensed for use by paid tax preparers.

leslie1983Author

Level 2

Sorry, shouldn't have used the term client. Friend is more appropriate.