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Deductions & credits
This is your first business return, but you have been using the vehicle for the business in prior years? If you want to begin depreciating it now, get the value of the car at the time you begin recording it as business vehicle. Find out how much it is worth and you can depreciate over 5 years.
I would suggest taking mileage but since it broke down that would not be profitable.
‎February 27, 2022
12:37 PM