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Deductions & credits
I understand that the standard mileage deduction has depreciation already included. However my question is now that I have to switch to actual expenses, Turbo Tax asks "We need to know which Modified Accelerated Cost Recovery System (MACRS) you used the year you started using your vehicle for this business.". I didn't use any MACRS the year we started using the vehicle (2016) because we used the per mile deduction. I understand that after using the per mile deduction you must use the straight line method going forward if switching to actual expenses but I am confused about what to select for previous year method as I didn't choose one for standard mile deduction.
‎February 2, 2022
8:34 AM