I've never bought a used pickup before . . . How would I depreciate a new used truck that has 1/2 of it's useful life already gone when I purchased it. Or what publication would it be in that specifically explains it.
I don't think it will last fife years as many miles as I put on it. perhaps two or 3 years at the most
For a gardening business.
Thanks John ____ _ | __\_\_o____/_|
"John" wrote
Doesn't matter. The same depreciation rules apply for "new" vehicles as they do to a "used" vehicle you buy.
5 year depreciation, luxury vehicle limits may apply, and/or section 179 may apply.
That was the fastest reply I ever saw :o)
OK! I was hoping you wouldn't say that.
Just curious - do you track sect 179 in your books (in my case quickbooks) or only in your tax softwarse or in a seperate ledger
John ____ _ | __\_\_o____/_|
The way my firms CPA have had me to handle it was to not worry about sect 179 reporting during the year. If at the end of the year, they used sect 179 reporting for an asset, then I booked the proper journal entry in making the year end adjusting entries. This included adjusting the depreciation schedules we maintained in Excel. TK
It would be good to book the Section 179 expense to your records when you decide to take it (when you do the return). It's almost scary how easy it is to backdate a journal entry in QB.
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