turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Is there a tax write off for 2019. A new law for business to write off 100 percent for a new to me vehicle over 6000 lbs. Will this work for me?

I have 5 rental Properties.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies

Is there a tax write off for 2019. A new law for business to write off 100 percent for a new to me vehicle over 6000 lbs. Will this work for me?

What kind of business entity it this ?   

Did the business buy the vehicle or did you personally ?   

Are you an employee of the business ? 

Anonymous
Not applicable

Is there a tax write off for 2019. A new law for business to write off 100 percent for a new to me vehicle over 6000 lbs. Will this work for me?

a 100% deduction might be available but you are going to have to tell the IRS that you only use this only for the rental properties - no personal use.        you are going to need written records to substantiate this use.   (the first question is really supplying the mileage  - total, business and non business which would have to be zero.   then you are going to have to answer a question about maintaining records.   

finally you are going to have to allocate the deduction among the properties.  

 

 

 

a 100% writeoff for 100% business use of a qualifying vehicle goes back years. there is no new law. 

 

 

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question