Question

Placed in service for vehicle expense?

Forum|Forum|1 year ago
February 20, 2025
1 reply
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I'm trying to determine the placed in service date I use. For example, I started using my vehicle in 2022 for personal/business use then stopped in 2023, then decided to use vehicle again in 2024 for solely business use for uber/other business. Does my date of service only apply to the current tax year in question or should I be using the date I first ever started using for business?

M

Mike9241

since this is a different business use the date you first used it in your new business. I can't tell you if Turbotax will properly handle the depreciation you are entitled to due to the e prior business use.

IRS rules say, when you convert personal use property to business use, the value assigned to the property for depreciation purposes is:

The LESSER of...