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Get your taxes done using TurboTax
i would say that the child can use the actual expense method since they don't own the vehicle. It's like they renting it for $0.
hope they have records to support business use and expenses. the actual expense method is based on business mileage to their total mileage.
in the salvage year, they would use the same method. in the subsequent year just delete the vehicle.
‎January 22, 2024
7:42 PM