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- My client purchased a Honda CRV for $45,000 in 2022 for 100% business use. Can I depreciate the full amount of the cost in the first year?
My client purchased a Honda CRV for $45,000 in 2022 for 100% business use. Can I depreciate the full amount of the cost in the first year?
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mac20coaching
Level 3
03-30-2023
01:27 PM
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3 Comments 3
TaxGuyBill
Level 15
03-30-2023
02:43 PM
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If you are asking if Bonus depreciation or Section 179 can claim the entire cost for this year, the answer is no. Vehicles under 6000 pounds have limits (and some vehicle over 6000 have sometimes have a limits too).
Have you entered it into the software to see what it shows?
dkh
Level 15
03-30-2023
02:44 PM
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See Lisa's answer to your other post https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/my-client-purchased-a-f...
taxes96786
Level 9
03-31-2023
12:10 AM
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I recommend not using 179 etc unless it will lower a tax liability. It is being wasted otherwise. If I do use it I only use the amount needed to zero out the liability and then depreciate the balance.
