In 2020 I purchased a personal truck that I use predominantly for business with my single member S corp. From what I understand, I need to reimburse my personal self for all business miles driven and record this reimbursement on my 1120-S.
Should I use the standard mileage rate or the actual expense method? I have read conflicting things since the truck weighs over 6000 lbs. Also is there a way to use the 179 Deduction/Depreciation for this vehicle since it is under my personal name? Do I need to include any of this reimbursement information on my personal taxes as well?
Any help is greatly appreciated!
