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Returning Member
posted Jun 6, 2019 7:20:48 AM

What is the last day/date for purchasing a new vehicle and still have a depreciation benefit in that year

for a Sub S corporation

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1 Best answer
Level 9
Jun 6, 2019 7:20:50 AM

The date of purchase has nothing to do with it.  It is the "placed in service" date that matters.  "Placed in service" means it is completely ready and available to be used for business purposes.

The "placed in service" date would need to be on or before December 31st, 2017 in order to claim any depreciation on the vehicle.

1 Replies
Level 9
Jun 6, 2019 7:20:50 AM

The date of purchase has nothing to do with it.  It is the "placed in service" date that matters.  "Placed in service" means it is completely ready and available to be used for business purposes.

The "placed in service" date would need to be on or before December 31st, 2017 in order to claim any depreciation on the vehicle.