JulieS
Expert Alumni

Deductions & credits

Yes, you are missing the details of using the standard mileage deduction.

 

You can never take the standard mileage deduction and depreciation of any kind in the same year, on the same vehicle.

 

To use the standard mileage deduction, you must elect to use it the first year the vehicle is used for business. After that you can switch from the standard mileage rate to the actual expenses method.

 

If you change to the actual expenses method in a later year, but before your car is fully depreciated, you have to estimate the remaining useful life of the car and use straight line depreciation.

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