Hello -
I file a schedule E for my rentals as a real estate professional who materially participates (I do not have another job, this accounts for 100% of my time).
I am purchasing a truck this month that I intend to use more than 50% for business rental activities -- I track all of my miles and based on previous years I expect in 2021 to probably be 60% business/40% personal. My question is for this year 2020; If I elect to take the bonus depreciation in this year for the full purchase price, could I base the business use strictly on the miles for the rest of the current year? Reason I ask is my personal miles are mainly accumulated in the summer so it would be likely that my miles from Oct-Dec would be 90% business/10% personal. Assuming I keep the truck above 50% business use for its life, could I take 90% of the purchase price this year? (it is above 6000lbs gvw and the cargo bed is 8')
