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
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
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