Question

What is the depreciable period, in terms of the QBI deduction, for a vehicle?

Answer 1

Explanation:

The QBI stands for Qualified business income. The QBI refers to business income i.e to be qualified and eligible for the deduction. This is the deduction which is applies to the business corp orates i.e sole proprietorship, corporation, etc

So the Qualified business income for a vehicle could be go for 10 years or the life of the vehicle that could be held for taxable purposes plus it is classified as a depreciable tangible qualified property. As vehicle is a fixed assets and on that the depreciation expense is to be charged