
Anonymous
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Deductions & credits
don't think TT can handle a situation like yours. how i would handle it is to reduce the gross basis of the vehicle from $30,000 to $20,000 ie what you received under the lemon law. so if you took more than $10,000 in depreciation, based on 50% usage, for tax purposes any excess would be income and there would be no further depreciation on the vehicle.
‎November 16, 2019
12:33 AM