how do tax assessors depreciate cars for tax purposes? How much do they allow for depreciation yearly?

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how do tax assessors depreciate cars for tax purposes? How much do they allow for depreciation yearly?

2007-06-08 00:08:52 · 2 answers · asked by lindseyb123123 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

Each taxing authority has their own formula, usually specified in state law. If you ask at the assessor's office they can tell you what is used in your state.

2007-06-08 00:47:19 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋

Are you in the U.S.? If so, the following IRS publication might be of assistance:

http://www.irs.gov/pub/irs-pdf/p463.pdf

Page 14 begins with car expenses. Depreciation calculations start on page 17.

2007-06-08 07:33:12 · answer #2 · answered by HL 5 · 0⤊ 2⤋