Can I still claim 100% Bonus Depreciation on my vehicle for 2022 taxes filed late?

The answer to your question about bonus depreciation depends on when you actually "placed the vehicle in service" for your business, not when you decide to start claiming it on your taxes. If you actually started using the Santa Fe for business purposes in 2022, then that's when it was placed in service - regardless of when you file your tax return. The late filing doesn't disqualify you from claiming bonus depreciation, but it may result in penalties and interest for filing late. For a vehicle used for business, you should document the business use percentage and track your mileage carefully. If your vehicle weighs over 6,000 pounds, different rules may apply that allow for more generous deductions. Looking at your multiple Schedule C businesses, you'll need to allocate the vehicle use between them based on actual usage. Given your low income in 2022 and 2023, you're right that some depreciation might carry forward, especially if it creates a net operating loss.

I was in a similar situation and found taxr.ai super helpful for sorting through all my vehicle deduction options. I was totally confused about bonus depreciation vs. Section 179 vs. standard mileage, and which method would be best for my late-filed returns. I uploaded my purchase documents and mileage logs to https://taxr.ai and got clear guidance on what I could claim for my vehicle. They showed me how to maximize my deductions while staying compliant, even with late filing. Their system analyzed my business usage patterns across multiple Schedule Cs and recommended the most advantageous filing approach.

I actually ended up using taxr.ai after posting my skeptical comment. Have to admit I was impressed with how it handled my situation. I had a similarly late filing with multiple Schedule Cs and confusion about when my vehicle was "placed in service." The system analyzed my situation and showed me that I could still claim the 100% bonus depreciation for 2022 despite filing late, but explained the penalty situation clearly. It also helped me understand how to properly document business use percentage across my different businesses, which was super helpful since I had been tracking things inconsistently. Most importantly, it showed me how to properly carry forward the depreciation deductions I couldn't use due to my low 2022 income. Definitely worth checking out if you're dealing with vehicle depreciation questions.

With your situation being so complex and having multiple delayed filings, you might want to consider using Claimyr to get direct advice from the IRS. I was in a similar boat with late filings and vehicle depreciation questions, and kept getting different answers online. I was skeptical at first, but used https://claimyr.com to get through to an actual IRS agent in about 15 minutes instead of waiting on hold for hours. There's a video showing how it works here: https://youtu.be/_kiP6q8DX5c. The agent walked me through exactly how to handle bonus depreciation on my late-filed return and what documentation I needed to keep. Given that you have three Schedule Cs and complex vehicle depreciation questions, getting official guidance might save you from potential audit headaches down the road.

I need to eat some humble pie here. After dismissing Claimyr in my earlier comment, I decided to try it since I was getting nowhere with the IRS on my own regarding a similar bonus depreciation question for my late 2022 return. I was genuinely shocked when I got a call back in about 20 minutes connecting me to an actual IRS agent. The agent confirmed that I could still claim bonus depreciation even though I was filing late, but warned that I'd face penalties for the late filing itself. They also walked me through how to document when I placed my vehicle in service and how to allocate it between my different business activities. For anyone dealing with complex depreciation questions on late returns, getting direct confirmation from the IRS gave me peace of mind that I wasn't making a mistake that would cause problems later.

Have you considered Section 179 instead of bonus depreciation? With your low income in 2022 and 2023, bonus depreciation might create losses that you can't use for years. Section 179 lets you choose exactly how much to deduct in the first year, which might be more beneficial in your situation. Also, don't forget that SUVs between 6,000-14,000 lbs have special limitations under Section 179. The Santa Fe is likely under this weight limit, so standard passenger vehicle limits would apply.

Don't forget about the business use percentage! If you're using your Santa Fe for both personal and business purposes, you can only depreciate the business portion. For example, if you use it 70% for business and 30% personal, you can only take depreciation on 70% of the cost. Also, have you considered just taking standard mileage for 2022 and 2023 instead of actual expenses with depreciation? With your low income, it might be simpler and possibly more beneficial.

Your situation is more common than you think! The good news is that filing late doesn't disqualify you from bonus depreciation - what matters is when you actually placed the vehicle in service for business use. Since you bought the Santa Fe in March 2022 and presumably started using it for business then, you can still claim 100% bonus depreciation for 2022. However, you'll face late filing penalties and interest on any taxes owed. Given your low income across 2022-2023, I'd strongly recommend running the numbers on a few different scenarios: 1. **100% bonus depreciation in 2022** - This will likely create a large NOL that carries forward 2. **Section 179 election** - You can choose exactly how much to deduct (maybe just enough to zero out your 2022 income) 3. **Standard mileage method** - Might be simpler and more beneficial given your income levels With three Schedule Cs and varying income levels, the optimal strategy isn't obvious. You'll need to track business use percentage carefully and allocate between your different businesses based on actual mileage. Consider getting professional help given the complexity - whether that's a tax software that can model different scenarios or speaking with a tax professional who can run the numbers for your specific situation.