Greta
Level 9
04-03-2022
10:13 AM
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I assume it's fully taxable. Report somehow on Form 4797? After a decade, it should be fully depreciated.
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TaxGuyBill
Level 15
04-03-2022
10:19 AM
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Don't assume it is fully depreciated - check.
https://www.irs.gov/publications/p463#en_US_2021_publink100034059
Yes, 4797.
Was the vehicle always 100% business use? Or was there personal use as well (and varied from year to year)?
Was it "placed in service" immediately after it was bought? Or was it converted from personal use?
abctax55
Level 15
04-03-2022
10:48 AM
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CFS Tax Tools has a great worksheet for doing the math on this situation.
As @George4Tacks likes to say "Tax Tools" is the Swiss Army knife for tax preparers.
HumanKind... Be Both
