I purchased a truck in Aug 2021, used it personally, and then became a Sole Proprietor in March 2022. Can I claim my truck as a DIEP?
03348
3 Replies
TurboTaxSusan
Moderator
Feb 3, 2023 5:16:22 PM
No. You can’t claim your truck as DIEP, as you already owned it. You can’t claim DIEP on an asset that you have already been using for another purpose.
troydurocher5-gm
New Member
Feb 3, 2023 5:24:22 PM
Could it qualify for Accelerated Investment Incentive or do the same rules apply?
Thank you in advance!
TurboTaxSusan
Moderator
Feb 3, 2023 5:42:03 PM
Yes, the same rule applies for the Accelerated Investment Incentive.