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New Member
posted Oct 29, 2019 11:29:22 PM

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?

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New Member
Oct 29, 2019 11:29:23 PM

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

1 Replies
New Member
Oct 29, 2019 11:29:23 PM

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