Where do you find prior depreciation for your vehicle on Schedule C

[KurtL1 · Accepted solution]

If you have taken the Mileage deduction for the vehicle on your Schedule C. part the deduction for the mileage include a portion for depreciation. The mileage depreciation amount for 2019 is $0.26.

To determine the prior depreciation, multiply the business miles driven in a year by the depreciation cents per mile. The deprecation amounts for the prior years are:

• 2018 - $0.25
• 2017 - $0.25
• 2016 - $0.24
• 2015 - $0.24
• 2014 - $0.22

[UMG8900]

What if actual expenses were used in previous years, not mileage deduction?

[DaveF1006]

It depends. According to this Turbo Tax link, you would need to claim mileage the first year and then you can switch back and forth after that. If you used actual expenses without claiming mileage the first year, you cannot change to mileage beyond the first year.

[abrigoamy]

Where do I find the mileage depreciation for 2021?

[AmyC]

For 2021, the depreciation is 26 cents per mile when using standard mileage. If you are using actual expenses, you would use that amount. You can find depreciation schedules, Form 4562, in your tax return. For full details, see:

• Topic No. 510 Business Use of Car | Internal Revenue Service
• Topic No. 704 Depreciation | Internal Revenue Service
• Publication 946 (2020), How To Depreciate Property - Internal Revenue Service
• About Form 4562, Depreciation and Amortization (Including