To the OP.
Did you trade in the vehicle? Let me tell you that the rules in this area are really complicated. Well, the concept is not all that difficult, but working through it is hard enough in the software the professionals buy. In TT it must be a real mess.
I don’t know how well I can explain this - but in most cases when you trade in an asset used for business purposes you end up with TWO depreciable assets (for tax purposes).
One asset is based on the remaining un-depreciated business portion of your trade-in.
The other asset is the remainder of the cost of the new asset.
From an accounting perspective this makes some sense.
This post will probably result in lots of hate at Congress and the IRS. Just remember, there are some things that you can do yourself. But not everybody wants to do their own plumbing, brain surgery, hair cut, auto repair, appendix removal, plastic surgery, embalming.
You get the idea?
So why did you reply to me?
I said the same thing, minus all the accounting jargon. It was worth it to me to pay the brain su rgeon. In future, please direct your replies to your target.
Thanks.
TC