TaxGuyBill
Level 15

@Amy_Green wrote:

A-Automobile, S-SUV, T-Truck/Van.

I was thinking there was a difference based on Gross Vehicle Weight, but can't find anything.

Would there ever be an instance where I would add a vehicle as a N-New Personal, or U-Used Personal? 

I am having trouble with some of our vehicles not fully depreciating in the system


 

I don't use EasyACCT, but for income tax purposes:

Before 2018, Trucks/Vans has SLIGHTLY higher Luxury Limits than an Auto.  If it was 2018 or later, or if the vehicle is not restricted by the Luxury Limits, it should not matter.

Yes, there definitely should be another entry for weight (6000 pounds is the threshold).

"Used" vehicle prior to 2018 might not be have been eligible for Bonus Depreciation (Special Depreciation Allowance) and in a few instances conversion from personal use to business would could possible affect if it was eligible for Bonus depreciation.

As for not fully depreciating, are they 100% business use?  In the first year, was Bonus depreciation used?  Was 179 used?  Was both used?  Is the original Basis subject to the Luxury limits?  How many years has it been since it was "placed in service"?

 

 

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