I have a question about vehicle depreciation. If I take a Section 179 deduction on the full purchase price of a vehicle will I still have the ability to depreciate the vehicle in future returns?
No, you will not have any additional vehicle depreciation. You must reduce your basis in the property by the Section 179 deduction. By doing so, you will not have any basis for property to depreciate in future years.
Can you deduct personal vehicle use for work purposes? Learn more from the tax experts at H&R Block.
If you’re itemizing deductions, the IRS generally allows you a medical expenses deduction if you have unreimbursed expenses that are more than 7.5% of your adjusted gross income for tax years 2017 or 2018. You can deduct the cost of care from several types of practitioners at various stages of care.
Learn more about IRS disaster tax relief and other natural disaster tax tips from the experts at H&R Block.
If you didn’t claim the Earned Income Credit (EIC) last year, can you still claim it? Learn more about EIC from our tax experts at H&R Block.