The lease for the current vehicle that I use mostly for business is up in late November, and I am exploring purchasing a used SUV over 6,000lbs to take advantage of the new 100% first year bonus depreciation. Would the deduction still be applicable even when the vehicle will only get a month of use before the end of the tax year? Would the usage be based just on the month of December in case it is not 100% business?
You'll need to sign in or create an account to connect with an expert.
You are confused ... the 100% use means "since you bought the vehicle" it was used 100% for business ... this has nothing to do with how many months you owned the asset in the year.
Truck purchased in 2018 amount 82,301 special bonus depreciation is giving me 61,000 is that correct
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NelehCr0z
Returning Member
Helen123
Level 3
Ofelia m
New Member
Ashleej828
New Member
obeteta
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.