Depreciation deduction

[subzero89]

Hey everyone,
I purchased a 2012 Nissan NV 3500 Sprinter Van in August for $35,747. I know that I can deduct a certain amount for depreciation on my return. I have the form to figure my depreciation deduction, but it seems really confusing. Would anybody know what my maximum deduction would be this first year? Thanks!

 

[asjssl]

If you can afford that kind of vehicle...hire a good tax person..

Sent from my ADR6300 using EO Forums

 

[cableguymn]

If you can afford that kind of vehicle...hire a good tax person..

Sent from my ADR6300 using EO Forums

Turbo tax and others are able to run the numbers for him as well.. I take the standard mileage deduction. Once you start taking depreciation I don't think you can switch.

Might make sense for him to given the age of the truck. For me, my 500 dollar truck can't really depreciate much more

(I am not a tax professional and I have not stayed at a holiday in express)

 

[Fkatz]

Morning,

The depreciation Deduction is very confusing to configure by yourself, but the standard is 5 years, straight line depreciation (SL). Do not use the macros, it will really confuse you.

or if you want you my take the whole amount this year, but I would not advise that, since you will have no depreciation at all after this year.

You have to decide weather you want to use the depreciation or to use the standard Mileage Rate, but that would have to be split for 2011, Jan 1- June 30, and July 1, Dec 31, 2011
The reason is because there were 2 different rates for 2011, But your mileage must be accurate and have a log for everyday you are away from home.

I have a Per Deim/Mileage Chart that you would have to keep if you use the mileage rate,

Plus if you do not have a personal vehicle, when you arrive at your home, and use the van you cannot use the miles you put on do not use more than 95,000 miles, and take off for Persoanl Use 15%mileage during that time, So No matter how many yo put on,
The mileage rate you may take any year.

IF YOU TAKE DEPRECIATION AND ACTUAL EXPENSES, YOU CANNOT SWITCH TO MILEAGE AT ANY TIME. yOU CANNOT TAKE BOTH MILEAGE ALONG WITH DEPRECIATION OR ACTUAL EXPENSES.

YOU CAN SWITCH OVER FROM MILEAGE TO THE ACTUAL EXPENSES, BUT THE DEPRECIATION ITSELF IS GONE, IT IS ONLY AVAILABLE WHEN YOU FIRST PUT THE VEHICLE IN SERVICE (1ST YEAR) YOU CANNOT GO BACK TO MILEAGE AT ALL UN LESS YOU PURCHASE A NEW VEHICLE.

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