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Chose depreciation for car first year then mileage for second year, should amend?
Hi, my elderly relative drives for rideshare she bought a car in 2021 and her accountant did 5 year depreciation method, she never knew she had to stick with this method so next year with same car she chose mileage deduction. The error was in irs favor as she would have saved more in 2022 with depreciation. She does not care about the savings and would rather not amend and just use depreciation going forward, can she do this or should she amend? What will happen if she does nothing?
March 30, 2024
5:36 AM