TaxGuyBill
Level 15
02-24-2025
04:52 PM
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@david3 wrote:
The vehicle depreciation information from prior year tax returns show Sec. 179 deduction and a prior depreciation amount.
The vehicle is fully depreciated as the prior year vehicle information show no current depreciation.
Don't assume the vehicle is fully depreciated merely because there wasn't any depreciation last year. Between (1) the varying business percentage and (2) the Luxury Limits (if vehicle is under 6000 pounds), it may not be fully depreciated.