PatriciaV
Employee Tax Expert

Deductions & credits

If you used TurboTax last year, look for the Depreciation and Amortization Report, which shows both current and prior depreciation. From this report, add the Prior and Current Depreciation amounts to calculate the total depreciation taken on this vehicle since you started using it for business.

 

The Car and Truck Expenses Worksheet will show if you used the Standard Mileage Rate last year. Look for a box checked in Part IV of that worksheet.

 

If you want to use the standard mileage rate to calculate vehicle expenses, you must choose it in the first year you use the car for business. In later years you can choose to use the standard mileage rate or switch to actual expenses.

 

Once you use actual expenses for the vehicle (even if it's the first year you used it for business), you can't switch to standard mileage rate. You must continue using actual expenses as long as you use that car for business.

 

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