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.
How much interest and property tax can you deduct and how many years back can you claim them? Learn more from the tax experts at H&R Block.
Will you get a refund for an energy tax credit? Learn more about refundable tax credits from the tax experts at H&R Block.
How do you claim a per diem tax deduction? Learn more from the tax experts at H&R Block.
As end-of-year approaches, taxes owed can become a major headache. Plan ahead by considering 529 Tax Deductions and other end-of-year savings options.