ThomasM125
Expert Alumni

Deductions & credits

You need to enter the total miles driven and the business miles driven. Your depreciation will be based on the ratio of the business mileage to the total mileage. If it is over 50%, then you may be allowed to expense a portion of the purchase price. Otherwise, you will just be allowed depreciation over a period of years.

 

If you choose the expense option of section 179, you will not get a depreciation deduction in the current year if your net income from the business is -0- or negative. In that case, the depreciation will be carried over to the next year.

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