If I purchased a vehicle in sept 2022 (last tax year,) but only started using it this tax year 2023. What opening balance or addition during the year cost do I use?

elie635145 · ‎February 27, 2024

TurboTaxGinette · ‎February 28, 2024

You use the fair market value of the car when you started using it.

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elie635145 · ‎February 28, 2024

Even if it was COVID and pre-owned prices had skyrocketed? The car was worth more 3 months later than when I purchased it.

TurboTaxSusan · ‎February 28, 2024

Yes, you use the fair market value when you started using it for business. The rules haven't changed due to COVID or inflation.

Investors and rental owners