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Deductions & credits
@MauryM The cost of the vehicle is the total you paid the dealer or the private party to purchase the vehicle.
If you did not immediately start using the vehicle in your business, then it is the fair market value of the vehicle on the date it was placed in service, eg. Total cost of vehicle when purchased $10,000. Placed in service one year after purchase, FMV is $8,000.
‎April 10, 2023
6:57 AM