Further note that your basis for depreciation would generally be the lesser of your adjusted basis or fair market value on the date of conversion to business use.
OK, so for example:
Purchase info:
In service:
What would be the adjusted basis, 30K - 10y*30K/27.5y?
Another question: Is the vehicle actual expense useful if one is going with the standard deduction? I thought the schedule A stuff matters only if itemizing (not going with the standard deduction), but for some reason my TurboTax keeps the "actual expense deduction" (which indeed is higher than the "standard mileage deduction").
Thanks!
