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Self employed
It's a bit unclear, did you use it for business for only three years?
If yes, and the vehicle was fully depreciated, you will need to enter bonus depreciation since the life of the vehicle is five years.
If the program is showing the depreciation taken as the full amount of the business basis, there is no need to enter any bonus depreciation.
If the program is determining depreciation based on the three years between "placed into service" and "date sold" you will need to add the remaining amount as the bonus deprecation you took the first year.
The depreciation taken can't be more than the basis.
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March 2, 2025
8:02 AM