Solved
How do I deduct my business vehicle that I bought from it's lease in 2019? The date I became the owner is after the date I started using it for business.
My vehicle was new when I leased it in 2016, and I started using it for business that December, then bought out the vehicle in 2019. My research from other answers to questions shows a couple of things (please correct if either is wrong):
1. It would be considered purchased used.
2. I would have to mark that I stopped using this vehicle for business in 2019, and add another separate instance of the vehicle that starts from date of purchase. To complicate the situation, I purchased it in the middle of the year, so the expenses are split between the leased time and the owned time.
Also, if I do need to add it as a new separate instance of the vehicle, can I take the standard deduction despite having taken the actual expense for the first year it was leased?
1. It would be considered purchased used.
2. I would have to mark that I stopped using this vehicle for business in 2019, and add another separate instance of the vehicle that starts from date of purchase. To complicate the situation, I purchased it in the middle of the year, so the expenses are split between the leased time and the owned time.
Also, if I do need to add it as a new separate instance of the vehicle, can I take the standard deduction despite having taken the actual expense for the first year it was leased?
