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Deductions & credits
You cannot take the Section 179 deduction since it is not a 100% business vehicle and if it was, the only entity entitled to take the deduction would be your multi-member LLC.
The LLC can, however, reimburse you for business usage of your personal car with an accountable plan. The best measurement for that would be for you to submit periodic mileage reports and for the business to reimburse you at the standard IRS mileage rate.
See Accountable Plans for more information.
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‎February 16, 2023
2:00 PM