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Deductions & credits
It depends. If you use the standard mileage deduction, depreciation is considered as part of the standard mileage rate, and the vehicle is not depreciated separately.
For new and pre-owned vehicles put into use in 2019 (assuming the vehicle was used 100% for business):
- The maximum first-year depreciation write-off is $10,100, plus up to an additional $8,000 in bonus depreciation.
- For SUVs with loaded vehicle weights over 6,000 pounds, but no more than 14,000 pounds, 100% of the cost can be expensed using bonus depreciation.
See the information in the links below:
Standard Mileage vs Actual Expenses
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‎July 13, 2020
5:12 AM
17,910 Views