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?

[TurboTaxJeffrey · Accepted solution]

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