can i write down car value ?

makeorbrake · 2018-10-30 01:06:03

For tax purposes, if i found out a car that i bought from the UK was CAT C (insurance write-down), can i depreciate the car value to reflect that finding?

30-10-2018 01:06AM

#1

makeorbrake

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For tax purposes, if i found out a car that i bought from the UK was CAT C (insurance write-down), can i depreciate the car value to reflect that finding?

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#2 01-11-2018 12:07AM

davindub

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makeorbrake wrote: »

For tax purposes, if i found out a car that i bought from the UK was CAT C (insurance write-down), can i depreciate the car value to reflect that finding?

No. You would recover any shortfall on the tax written down value on sale of the asset.

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