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Business & farm
Yes, it is still considered listed property.
You can depreciate the Sprinter van if you select the vehicle expense in TurboTax Home and Business or Self-Employed and choose to see if actual expenses will give you a better deduction.
Depreciation is not allowed with standard mileage method of claiming vehicle deduction.
Electing actuals will also allow you to claim Section 179 or the Special Deprecation Allowance for first year in service which could significantly reduce your tax liability.
March 8, 2021
5:03 PM