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Self employed
You can still benefit from the one time depreciation (section 179 or bonus depreciation) method even if you have a loss on your business. Any deduction not allowed in the current year can normally be applied to income in future years.
One reason you may not want to take the special depreciation is that if you stop using the auto for business in future years, you may need to add back a portion of the special depreciation you deducted to your taxable income in the year you stopped using the auto.
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March 11, 2022
2:47 PM