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Deductions & credits
James,
Thank you for your response. I am still confused, though, because of this explanation:
To take the standard mileage deduction for business, you can't:
- Operate more than five or more vehicles at the same time, as in a fleet operation
- Claim a depreciation deduction on the car (other than the straight-line method)
- Claim a Section 179 deduction on the car
- Claim a special depreciation allowance on the car
- Have claimed actual expenses after 1997 for a leased car"
The phrasing that I can't take the standard milage deduction along with depreciating my car other than the straight-line method seems to contradict what you just told me.
Am I missing something?
Thanks!
March 2, 2022
3:58 PM