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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- Loss on business vehicle bought and sold in the same year
Loss on business vehicle bought and sold in the same year
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mattgutz
Level 3
10-04-2022
12:57 PM
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The client bought and sold his food truck in 2021. Does this still need to run through the depreciation schedule?
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Terry53029
Level 14
10-04-2022
01:42 PM
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Even if all requirements to depreciate property have been met, you cannot depreciate property placed in service and disposed of in the same year. See pub 946. https://www.irs.gov/pub/irs-pdf/p946.pdf
