How does a car that was used for personal use get depreciated in the following situation?
- A car was bought in 2010, put in service 2017 when rental property X was put in service.
- Its business usage fluctuates between 5-15%.
I do see the car listed under the "depreciation and amortization report" in 2017 alongside with the rental property, but the depreciation basis is 0 (unlike that of the rental property), why? The car has some value... Assuming that's correct, I do not have any more questions, although I would definitely want to understand why.
If that is incorrect and some value should have been put there, I have the following question:
- Another property Y is bought and put in service in 2019. What value should be used to start depreciating the car for property Y?
