Got a new client that is a new limousine company. Business owns three vehicles used for transporting customers. One is a bus, one is a stretch limo and the third is a 4-door sedan. My question - are there any special rules for depreciating these vehicles (being limousines) or would I simply depreciate as if owned by any other type of business? Thanks.
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I do not know
whether there is any difference but my guess would be not. -
Limo's can be on a lease, so check it out. Many of the leases are on a 10% or less final purchase. So it is still a purchase/finance to be depreciated with amortized interest. If a lease/purchase, you will have to recompute the purchase price to allow for interest included in the monthly payment.This post is for discussion purposes only and should be verified with other sources before actual use.
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