I purchased a Tesla Model Y in June/2023 and more 50% using for my business. Should I select one-time special depreciation or if not then how many allowable years that the car would be depreciated?
If I take one-time special depreciation, then how would I have the vehicle deduction for next year and so on?
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Cars are 5 year properties. If you use the 80% special depreciation this year then the remaining 20% will be spread over 6 tax years.
Thank you for your answer!
If I take one time special depreciation this year, where or what form that I would see the 20% balance depreciation spreading out for next years?
Vehicle depreciation is reported on Form 4562 Part III and Part V and on the Depreciation Report that TurboTax includes in your worksheets.
Thank you!
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