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irynaga
New Member

Which MACRS Convention I should Use? I have purchased my vehicle in September of 2019, used, started to use for business in October of 2020, never used MACRS

 
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3 Replies
ColeenD3
Expert Alumni

Which MACRS Convention I should Use? I have purchased my vehicle in September of 2019, used, started to use for business in October of 2020, never used MACRS

Just enter the vehicle in the appropriate section of your Schedule C. You have the choice of using standard miles or taking actual expenses, including depreciation. If you choose actual expenses, you will automatically be taking MACRS over 5 years.

irynaga
New Member

Which MACRS Convention I should Use? I have purchased my vehicle in September of 2019, used, started to use for business in October of 2020, never used MACRS

I am filling With TurboTax step by step, showing my expenses. TT doesn't allow me to skip, only I can chose from 2 options- half year or mid quarter.

also, I have checked prices, it's now raised comparing to 2020

ColeenD3
Expert Alumni

Which MACRS Convention I should Use? I have purchased my vehicle in September of 2019, used, started to use for business in October of 2020, never used MACRS

Since you placed your vehicle in service in the last quarter of 2021, you have to use the MQ convention. You will not get much depreciation in 2021, but the amount in 2022, will make up for it.

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