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Take partial car depreciation in final year

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in Small Business Tax,Small Business Tax Deduction Strategies

Q: In the past few years, I've used my personal car for business about 75 percent of the time. Now, I'm going to buy a new car and will probably trade in the old one or sell it privately. Can I still get a depreciation deduction for the old car this year? M.C., Manchester, N.H.

A: Yes, you can claim a reduced depreciation deduction for the year in which you dispose of the car. Generally, your deprecation write-off in the final year equals one-half the amount that you could have deducted if you kept the car for the full year.

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