Thank you, everyone, for your response. I'm retaking this subject, now that I have some free time:
- OK, so I get it that with the standard deduction the depreciation shown in the "Depreciation and Amortization Report" is zero, since the depreciation is embedded in the deduction.
- Now, what happens when some years it is better to use the actual expenses? What cost basis is used? The "Car & Truck Expenses Worksheet" expects a value there (TurboTax throws a red exclamation mark otherwise). Should I look up the Blue Book value?
Other unrelated questions are:
- Since the actual expenses method prorates by usage (business vs total), does that mean that the expenses can be for personal use (like parking)?
By the way, were do parking and smog go in Schedule A?
Thank you!
