How Many Years Can You Depreciate a Vehicle on Your Taxes?

Answer Depreciation is the accounting process by which businesses recognize the gradual loss in value of assets through wear and tear or obsolescence. Businesses and their owners do not generally deduct t... Read More »

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How to Depreciate a Wrecked Vehicle?

Depreciation is both the decrease in an asset's value due to its usage and the accounting procedure used to represent this phenomenon on the accounts. In each period that a depreciable asset is use... Read More »

How to Pay Taxes on a Vehicle in Texas?

The state of Texas levies a tax on the sale of all motor vehicles within the state -- including private party sales. That means you don't have to be a professional dealer in order to be liable for ... Read More »

How to Deduct a Motor Vehicle From Federal Taxes?

If you have a significant number of itemized deductions, you can choose to forgo the standard deduction and instead file Schedule A, which lets you claim a range of deductions, including the state ... Read More »

How much can i deduct from my taxes if i donate my junk vehicle?

According to the IRS, if your car is valued over $500 the amount you can deduct from your taxes for donating it depends on how much the charity receives from selling your car. You can claim the gro... Read More »