2 Questions- Depreciation And Buying A Vehicle In 2012

[KEG123]

So my first question is about depreciation. In December I bought a new (to me) washer/dryer off CL for $400. I also bought a new (to me) couch off CL for $100. When I enter it into Minute Menu it asks me about depreciating it. Method gives me two options- 7 year straight line or 7 year 200% declining. Then gives me 2 options for Convention- Half year or Quarter Year. I'm not sure what to put in either space.

Next is regarding my new (to me) van I bought in March for 3,200. I paid cash. I use it to go to the bank and to do the grocery shopping. Do I use time/space for this too? or something else? Unsure on how to add this in to minute menu also.

Any advice is appreciated!

[TomCopeland]

Deductions

Put down 7 years 200% declining and half year.

Don't use your time-space % for car expenses. Minute Menu allows you to enter the miles you drive each time you use your car primarily for business purposes. If you use the standard mileage rate, then you don't need to enter any specific car expenses (gas, oil, etc.) other than parking and car loan interest. Minute Menu has several reports you can print out that will show your car expenses.

[KEG123]

Thanks Tom!

As for the van, even though the main reason I purchased a van is because I needed to take the daycare kids with when I dropped my son off at school? Not doubting you obviously, but just want to make sure.

[KEG123]

Oh and for the depretiation would I fill that in on form 4562?

[TomCopeland]

Car

Oh and for the depretiation would I fill that in on form 4562?

Yes, use Form 4562 to depreciate your vehicle when you use the actual expenses method of claiming vehicle expenses (not the standard mileage method).

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