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Level 2
posted Dec 1, 2022 6:25:32 AM

Changing business use car to a different car

I have a car that was listed for business use and am in its third years of depreciation. What happens if I were to replace that with a new car at the start of the fourth year, while the previous car will be changed for personal use only?

 

How do I inform the IRS and what do I enter when I come to the car expenses and deduction section when filing my tax?

Thank you.

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1 Replies
Level 15
Dec 1, 2022 8:42:46 AM