Actual Expense Car

Forum|Forum|4 years ago
April 2, 2022
19 replies
66 views

When you do actual expense for a car, with a depreciation cost basis. Car-Truck worksheet line 31 cost basis 48,000. 34A. Yes or no? Qualified property

Can someone let me know if it's yes or no? Thank you

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

IRS can help Pub946 How To Depreciate Property https://www.irs.gov/pub/irs-pdf/p946.pdf

MGC94Author

Level 7

I will read it. Can you let me know either way....

T

TaxGuyBill

It is asking if it qualifies for the Special Depreciation Allowance ("Bonus Depreciation").

In most cases if it is allowing you that option, the answer is "yes", but not every case.

MGC94Author

Level 7

pro series on the phone said it has to be no? Which is why I am wondering do I have to amended 2020 returns

sjrcpa

Level 15

Ya gonna believe the people on the phone or someone like Bill who knows what he's talking about?

Did you actually get the make, model, GVW, etc for the car and look up the rules for autos?

The more I know the more I don’t know.

T

taxes96786

Level 8

read the IRS instructions. You will get a faster answer than waiting for us to do your research for you.

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