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Level 2
posted May 31, 2019 5:33:10 PM

If I purchased a used dump truck this year, can I depreciate it over three years rather than five years?

Purchased a used dump truck for $82,023 in January, 2015.  I only plan to keep it 3 years.  Can I depreciate it over 3 years instead of 5 years?

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1 Replies
Expert Alumni
May 31, 2019 5:33:10 PM

Unfortunately, the IRS determines the useful life of assets for depreciation. You may sell the asset after three years, even if it isn't fully depreciated.