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Get your taxes done using TurboTax
Thank you very much for your detailed information. Yes, for my old car, I'll use the SMR which is a greater deduction. I sold my old car.
For my new car, if I use the actual method, then I'm locked into this method for the rest of my vehicle's life. If I use the SMR for my new car, I don't have a big mileage, also I'm unable to deduct vehicle depreciation (section 179 deduction or/and special depreciation allowance), so I think I can use only the SMR for both cars.
March 26, 2024
4:43 PM