Vehicle depreciation is going up
I use turbo tax and have been depreciating a vehicle that I use for business for the last three years the Depreciation amount has been going up instead of down is this possible. 1st year $295 2nd year $1095 3rd year $1895 is this possible ?????
Generally the amount of depreciation does not increase. However, if you are using TurboTax, I would think that the calculation is accurate. Just be sure that you have entered the right date you started using the vehicle for business. Has the percentage of time you use the vehicle gone up? Is so, that could explain it. If you don’t think it’s correct, I recommend you find a tax professional who could take a look at the tax return for you.
Best of luck,