Thank you! Your videos are so thorough and presented so well.
@BibleChatAi
2 жыл бұрын
Great content! Super valuable, thank you.
@JasonDKnott
2 жыл бұрын
Glad it was helpful!
@sf-reinvest3340
2 жыл бұрын
Thanks for making this so clear to follow. Another question I have is that if we use this car for business over 50% for the following 5 years. I assume that if we depreciate all of the car value, would we be able to use the car for more personal use without depreciation recapture in year 6?
@AlexXPandian
Жыл бұрын
Best video on the topic.
@JasonDKnott
Жыл бұрын
Glad it was helpful!
@ck6414
Жыл бұрын
Thank you. What happens if you maintain >50% business use associated with the 5-6 year straight line depreciation rule, then fall below 50% business use on year 7? Can you use it 100% for personal use at that point, without any tax consequences?
@Hughes1981
7 ай бұрын
I love this, super detailed! Is it the same if vehicle is sold/traded in versus just used less than 50%? If John bought his $62k 4Runner in 2021 and depreciated it 100% using Section 179/Bonus Depreciation, then sells it in 2023 for $35k...does he claim the $35k as ordinary income AND have to recapture depreciation on the difference using straight line?
@MrMotor12
2 ай бұрын
Great video! Question: I used bonus depreciation on a business truck in tax year 2019. I had 100% business miles during that tax year and deducted 100% of the purchase price as bonus depreciation. In subsequent tax years I was less than 100% business miles, but more than the 50% minimum. Do I have to go back and amend the deduction amount since I did not maintain 100% business miles? Second question, after the five year depreciation term is over, can I drop below 50% on business miles without consequence? Thank you again for sharing your expertise.
@checkinflorida
6 ай бұрын
Hi Jason, can I depreciate the vehicle in my S-Corp if the vehicle is under my personal name?
@victorkyi3906
2 жыл бұрын
Ok, so if you keep business use above 50% you don't need to adjust the depreciation. Can you still deduct the mileage expense in year 2 if you took the 100% bonus in year 1? Also what happens when you decide to replace the vehicle with another new vehicle in year 2? How much can you bonus depreciate on the new vehicle in year 2?
@ThiccMikey
Жыл бұрын
Does the vehicle over 6000lbs have to be an SUV or truck to qualify for bonus depreciation? Thanks for your help!
@JasonDKnott
Жыл бұрын
It doesn't have to be an SUV or Truck, it just has to meet the weight requirements.
@tb129tlh
2 жыл бұрын
Thank you for this. Best example on the internet, not just KZitem. So, since business use was reduced to 30% and it seems that mostly all of the depreciation was recaptured as income (minus the 50% for year one), is there anything to recapture in year 3 or does it essentially become a personal vehicle now used for business and no longer requires Depreciation Recapture?
@jasonfisher8565
Жыл бұрын
If the asset isn't listed property, do you still have sec 280f recapture? Or any recapture if drops below 50%?
@GallBen
Жыл бұрын
Can you go over recapture if you sell the vehicle
@Visualxposed
2 жыл бұрын
What happen you if you stay over 50% after the 100% bonus depreciation.
@JasonDKnott
2 жыл бұрын
If you keep the business use over 50%, then there is no bonus depreciation recapture.
@Visualxposed
2 жыл бұрын
@@JasonDKnott thank you. As a sole proprietor is it better to put the car under business name or personal?
@jamesbrumbaugh89
2 жыл бұрын
@@JasonDKnott would there be depreciation recapture if I transfer a car from my single member LLC to a personal car? My business operated the vehicle for a year and took the full bonus depreciation. The transfer would be for no money.
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