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troydurocher5-gm
February 4, 2023
Question

I purchased a truck in Aug 2021, used it personally, and then became a Sole Proprietor in March 2022. Can I claim my truck as a DIEP?

  • February 4, 2023
  • 1 reply
  • 0 views
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    1 reply

    TurboTaxSusan
    TurboTaxSusan
    February 4, 2023

    No. You can’t claim your truck as DIEP, as you already owned it. You can’t claim DIEP on an asset that you have already been using for another purpose.

    T
    troydurocher5-gmAuthor
    February 4, 2023

    Could it qualify for Accelerated Investment Incentive or do the same rules apply?

    Thank you in advance!

    TurboTaxSusan
    TurboTaxSusan
    February 4, 2023

    Yes, the same rule applies for the Accelerated Investment Incentive.

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