If an older car, a 2008 Camry is now being used for business starting July 2017, can depreciation be applied or is the car too old? Based on the miles, it is being used for business 80% and 20% personal. Can I still take depreciation or is it too old? If depreciation is possible, what is the cost basis? Is it the amount we paid when it was bought brand new in 2008, or the fair market value when it was placed in service July 2017?
