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Business & farm
What is the depreciation schedule? Read up on depreciation here : https://www.irs.gov/taxtopics/tc704#:~:text=Depreciation%20is%20the%20recovery%20of,you%20fully%20re....
Is it 7 years? Cars are 5 year property.
Can you accelerate depreciation to 1 year? You cannot "accelerate" the depreciation but if eligible (and you use the actual expenses method) you can use the 179 deduction or the special depreciation election... again read the info in the link above.
If you refinance the vehicle, can you reset the depreciation schedule like an investment property? NO. Once started it cannot be changed.
‎July 26, 2022
5:27 AM