Vehicle Expenses

[schisolm]

If I deducted vehicle expenses, including depreciation in 2020 under a business that is no longer in operation in 2021, can I now expense that same vehicle under a new business in 2021?

[ZoltanB45 · Accepted solution]

Yes but the basis would be whatever is left over from the prior depreciation. If you have depreciated the entire vehicle, there would be no more basis to depreciate. You would still be able to take insurance, gas and maintenance.