I purchased a large van (over 6000lb) in June 2019 for $25,100 and used it for 84.75% business that year. For 2019 federal taxes, I chose the special depreciation allowance of 100%, which calculated to $21,272 based on business usage. Am I correct in my understanding that $21,272 is considered the vehicle cost basis going forward and that, in subsequent tax years, there would be no further depreciation deduction for this vehicle?
