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Deductions & credits
You can only depreciate the vehicle based on the time it was used in the business for business purposes. Since you only held it for a few weeks, your depreciation expense would be limited. It is true that you can take special depreciation allowances in the year you purchase some vehicles, but if you retire them soon after that you have to "recapture" that depreciation which will affectively reduce that allowable depreciation deduction.
If you suffered a loss on the value of the vehicle because it went down in price when you sold it, you would have a loss on sale of a company asset that may be deductible as such on your tax return.
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‎January 26, 2022
4:00 PM