- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Self-employed but no longer use my business/personal car. Depreciation? Do I owe money
I am self-employed I purchased a new vehicle in 2015 it's used 90% for business 10% for personal. My form 4562 shows zero on section 179 and depreciation allowance and depreciation basis. I pay $23,000 for the car in 2015. Insurance reimbursed me $9,000 in 2023 once it was stolen. I don't know how to do the depreciation report. Will I have to pay money to the IRS since I used it for business. I counted vehicle expenses and standard mileage deduction through the years.
‎April 9, 2024
3:22 PM