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kad418
New Member

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

I have not used start up deductions, in previous tax years, for my business I started in 2012. Can I use $5000 deduction on a car I purchased in 2017 for cash? 

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KrisD
Intuit Alumni

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

No, start up costs can only be claim in the first year of the business. 

Click Here for Business Depreciation Information from TurboTax

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1 Reply
KrisD
Intuit Alumni

I paid $20,000 in 2017 for a car for my business that I started in 2012. Can I deduct $ 5000 as business startup.

No, start up costs can only be claim in the first year of the business. 

Click Here for Business Depreciation Information from TurboTax

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