I bought a new car in August 2017 and paid 32000 for it. It was totaled in an accident that was not my fault in January 2018. I have since bought another new 2018 version of my car for 34000. How do I depreciate my 2017 that was totaled. I use my car almost all for work related driving and own my own company Thank you
Hi Connie, so sorry to hear about your car accident. We’ve got a great article that covers how to calculate your car depreciation. I would also recommend that you use a tax prep software like TurboTax. It will do all of the depreciation calculations for you!
Car Depreciation article: https://fitsmallbusiness.com/car-depreciation-deduction/
Tax Software article: https://fitsmallbusiness.com/best-tax-software-provider-turbotax-vs-hr-block/
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