PatriciaV
Expert Alumni

Business & farm

No, a truck is typically entered as a Vehicle under Depreciation of Assets. The election of Special Depreciation is made in this section and not under Business Expenses >> Vehicle Expenses.

 

If you have added this truck as a Business Asset and were not offered the option to choose Special Depreciation, it's possible your vehicle does not qualify.

 

From IRS Pub 946: Claiming the Special Depreciation Allowance:

 

Excepted Property

Qualified property acquired after September 27, 2017, does not include any of the following.

 

  • Property placed in service… and disposed of in the same tax year.
  • Property converted from business use to personal use in the same tax year acquired. Property converted from personal use to business use in the same or later tax year may be qualified property.
  • Property required to be depreciated under the Alternative Depreciation System (ADS). This includes  listed property used 50% or less in a qualified business use. For other property required to be depreciated using ADS, see Required use of ADS under Which Depreciation System (GDS or ADS) Applies? in chapter 4.
  • Property for which you elected not to claim any special depreciation allowance.
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