We have a utility vehical that was bought prior to 2016. Can we write it off now that we are officaly using it for business?

vldzgy — Sat, 01 Jun 2019 05:08:03 GMT

Yes, you can enter the asset under the Business Asset sec...

PaulaM — Sat, 01 Jun 2019 05:08:04 GMT

Yes, you can enter the asset under the Business Asset section, regardless of when you purchased it. You will pick an asset class for depreciation, and then enter the item's fair market value (FMV) at the time you started using it for your business.

To get begin entering your business asset:

In your open return, select My Account
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Type 'schedule c' in the box, then select GO

You will need to set up your business profile first if you have not previously done so. Then move onto the business Asset section.

topic We have a utility vehical that was bought prior to 2016. Can we write it off now that we are officaly using it for business? in Deductions & credits

We have a utility vehical that was bought prior to 2016. Can we write it off now that we are officaly using it for business?

Yes, you can enter the asset under the Business Asset sec...