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Tax Year Prior to 2020: depreciation
I purchased 2 trucks in late november but didn't use them til january 1st. Can i wait til 2020 tax year to depreciate and deduct them? I have no other expense for them other than the purchase.
April 7, 2020
6:57 PM
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Deductions & credits
Yes, you can since January 1st is the date in which you brought the vehicle into service in the business.
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April 7, 2020
7:11 PM