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Deductions & credits
Please clarify why you are reporting the vehicle for both your LLC and on Schedule C. While you could enter an adjusted basis for the vehicle on Schedule C, you should not be taking depreciation twice for the same vehicle.
For a vehicle used by more than one business, it's customary to use the standard mileage deduction rather than actual expenses. The other option is to allocate actual expenses to one business and take standard mileage for the other.
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‎February 6, 2023
7:50 AM