Solved: Determine the fair market value of the vehicle as ...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

I was given a new car Sept 4/15 and I use it for my business. Can I do depreciation on it and if so, how?

 
1 Best answer

Accepted Solutions
Highlighted
New Member

I was given a new car Sept 4/15 and I use it for my business. Can I do depreciation on it and if so, how?

Determine the fair market value of the vehicle as of when you started using it for business and enter that amount as the cost of a new vehicle aquisition.  If the cost was $30K or less record the asset as Class 10.  If the cost was greater than $30K then record the cost as $30K plus sales tax on $30K and the class is 10.1

View solution in original post

1 Reply
Highlighted
New Member

I was given a new car Sept 4/15 and I use it for my business. Can I do depreciation on it and if so, how?

Determine the fair market value of the vehicle as of when you started using it for business and enter that amount as the cost of a new vehicle aquisition.  If the cost was $30K or less record the asset as Class 10.  If the cost was greater than $30K then record the cost as $30K plus sales tax on $30K and the class is 10.1

View solution in original post

v