In order to correct the depreciation on your vehicle, you would need to Amend Your Return from 2023. Was there a reason for the $14,000 deduction? I would check with her to be sure that there wasn't prior to making the correction.
Additionally, a van is depreciated over 5 years not 7 years so the deprecation would be higher than the $8,564 if you are using the straight-line method.
5-year property.
- Automobiles, taxis, buses, and trucks.
- Any qualified technological equipment.
- Office machinery (such as typewriters, calculators, and copiers).
- Any property used in research and experimentation.
- Breeding cattle and dairy cattle.
- Appliances, carpets, furniture, etc., used in a residential rental real estate activity.
- Certain geothermal, solar, and wind energy property.
- Any machinery equipment (other than any grain bin, cotton ginning asset, fence, or other land improvement) used in a farming business and placed in service after 2017, in tax years ending after 2017. The original use of the property must begin with you after 2017.
7-year property.
- Office furniture and fixtures (such as desks, files, and safes).
- Used agricultural machinery and equipment placed in service after 2017, grain bins, cotton ginning assets, or fences used in a farming business (but no other land improvements).
- Railroad track.
- Any property that does not have a class life and has not been designated by law as being in any other class.
- Certain motorsports entertainment complex property (defined later).
- Any natural gas gathering line placed in service after April 11, 2005. See Natural gas gathering line and electric transmission property, later.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
