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You have to own the vehicle.
The vehicle also needs to be in my name for standard mileage rate deduction also? How is this verified?
if you have a lease, the standard mileage method would be ok. if the iRS asks you show them the lease or title.
So I have personal/family owned, vehicle A, that I started using for my new self-employed contract job for commute travel. I plan to claim standard mileage rate. Do I need to have this vehicle transferred into my name before 2024?
I will be retiring vehicle A this year to solely personal use and purchasing vehicle B for 100-90% business use before the end of this year. To enable myself to claim either standard or actual cost rate deduction in future years, I need to claim standard mileage rate this first year for vehicle B correct? Does this disqualify me from a Standard 179 Deduction on vehicle B however if I claim standard mileage rate?
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