What is the Recovery Period for my car if I only had it for about a year?

[DianeW]

The recovery period for an automobile is 5 years. Any asset placed in service and then removed from service in the same year cannot be listed for depreciation. However, if you had business miles, you can take the standard mileage rate on the business miles.

You cannot depreciate the following property .

• Property placed in service and disposed of in the same year. Determining when property is placed in service is explained later.

For more information about depreciation and recovery periods you can click this link: IRS Publication 946 Figuring Depreciation under MACRS