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The tax benefits of selling rather than trading in business vehicles
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 210
Abstract: Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in a business, it’s not unusual for its tax basis to be higher than its value. This article explains how that can affect tax deductions.