TaxGuyBill
Level 14

@KarenCPA-CFE wrote:

I had the same situation from a truck that was bought in 2015 and the depreciation schedule is taking it out until 2032. Unfortunately, I did not notice until this year. Trying to figure out the best approach for correcting or getting it off the books. Any suggestions?


 

I don't think you are hitting the same problem.  I think you are just hitting the low pre-2008 Luxury Limits.  There is nothing to correct and nothing you can do about it, other than selling the vehicle.