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Maximizing Business auto deduction and bonus depreciation

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  • Maximizing Business auto deduction and bonus depreciation

    I have an s-corp and use my autos 80 percent business use. I am enticed by the new increased limits on depreciation in the new tax code at 10k plus 8k bonus depreciation. I have bought a new 50k which had 5k worth of expenses including tax and transport costs in late December of 2017. It depreciates quickly given it is a Corvette.  I have not yet driven the car or put it in service and I am trying to decide if I should do so in 2017 or 2018.

    1. If I choose 2018, can I still deduct the taxes and other expenses on my 2017 returns?

    2. School me on bonus depreciation, if I take it in 2017 or 2018, that means I will not be able to deduct any more depreciation until the 7th year of ownership? (I will likely not have the car in seven years)

    3. If so be the case, why are there maximum depreciation tables for other years if bonus depreciation makes it irrelevant?

    4. Would I be better served by not taking bonus depreciation, and deducting 10k in 2018 and then 16k in 2019? Am I allowed to make that election?

    Thank you in advance, I would like to optimize this car deduction.
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