Larry, thanks for all the information. I purchased a new vehicle for my business. Do I still get the new deduction that you talked about?
Terry
No. The new deduction is just for personal vehicles. You are already getting the deduction on your business return.
Larry Kopsa CPA
Larry, I purchased a new car in March. I am estimating that it will be 60% business and 40% personal. Can I still get the new deduction?
Cam
There has been no guidance from the IRS so I cannot be sure but my best guess is that you would get to take 40% of the taxes as a deduction. I will watch for more guidance from the IRS and let you know.
Larry Kopsa CPA
