topic Can i deduct depreciation on an RV bought for business? in Business & farm

Can i deduct depreciation on an RV bought for business?

r-a-long — Wed, 05 Jun 2019 23:53:56 GMT

Yes, if your RV is used for business, you can claim depre...

MinhT — Wed, 05 Jun 2019 23:53:58 GMT

Yes, if your RV is used for business, you can claim depreciation on the vehicle.

Re: Yes, if your RV is used for business, you can claim depre...

strezo66 — Tue, 26 Jul 2022 01:52:56 GMT

What is the depreciation schedule? Is it 7 years? Can you accelerate depreciation to 1 year? If you refinance the vehicle, can you reset the depreciation schedule like an investment property?

Re: Yes, if your RV is used for business, you can claim depre...

Critter-3 — Tue, 26 Jul 2022 12:27:07 GMT

What is the depreciation schedule? Read up on depreciation here : https://www.irs.gov/taxtopics/tc704#:~:text=Depreciation%20is%20the%20recovery%20of,you%20fully%20recover%20its%20cost.

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.

Re: Yes, if your RV is used for business, you can claim depre...

strezo66 — Tue, 26 Jul 2022 14:09:13 GMT

Thank you. So you are saying that a RV is considered a car so it's only a 5 year depreciate schedule?

I have never understood Section 179. What qualifies for Section 179? Can you give an example?

Re: Yes, if your RV is used for business, you can claim depre...

Critter-3 — Tue, 26 Jul 2022 15:20:01 GMT

Read up on depreciation here : https://www.irs.gov/taxtopics/tc704#:~:text=Depreciation%20is%20the%20recovery%20of,you%20fully%20re....