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Question

Hello, I am trying to start a turo business. If I get a 2018 weight 6k car would it qualify for 2023s bonus depreciation if its only for business use..

Forum|Forum|3 years ago
March 4, 2023
1 reply
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TurboTax Premier Online

No, for bonus depreciation, the original use of the property must begin with the taxpayer and the property- which means it must be new. You may qualify for section 179. Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment for the current tax year — instead of writing off the purchase over the course of several years. The equipment can be new or used, as long as it's new to you.