You'll need to sign in or create an account to connect with an expert.
you can't claim 2023 depreciation in 2024. If taking depreciation in 2023 was valid; the asset was placed into service that year; it must be claimed. it would seem you need to amend 2023. if you are going to claim section 179, it must be initially claimed in the year the asset is place into service. you cannot skip 179 for year 1 then claim it on the asset in year 2 or later. there are various limitations that apply to the deductibility of 179
Was the vehicle FIRST used for business in 2023 or was it first used for business in 2024?
Entering things manually often creates errors and problems, so if the vehicle was first used in 2024, you should go through the vehicle section in the step-by-step interview to enter the appropriate information.
As a side note, be sure to look at your specific vehicle's Gross Vehicle Weight Rating (GVWR). A Ford Explorer is right near the 6000 pound border (which is a large factor for depreciation rules), so some vehicles MIGHT be under, and other be over that amount (check your information, usually on the inside/side of the driver's door).
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
cschaln9
New Member
Cavachon1
Level 2
Robert2035
Level 1
KCurt
New Member
Rshirleyjr
Returning Member