As xmasbaby0 mentioned, there is no vehicle deduction for the use of your vehicle for your W2 employment. For your rental, you can have vehicle expenses.
For business use of vehicles, you have two options , you can use your actual expenses or use the mileage rate. Which one to use depends on the vehicle you have:
- Standard mileage rate is best for vehicles that are more economical to operate. For this method you will simply multiple your business mileage times whatever the mileage rate was for the year you are looking at. The mileage rate for 2023 is 65.5 cents per mile, but it is different every year. You can calculate what your vehicle deduction would be for each year and see if it is worth it to file an amended return. If you did not have that many miles it may not be worth the cost and time to amend. Amending to claim the mileage rate, you can go back 3 years and file amended returns. See the link at the end on how to do it.
- Actual cost is recommended for vehicles with more operating costs like, gas, repairs, tires. If you decide to use the actual cost, you would have to go back and still figure out your business mileage, and your total mileage for each year. You are only going to be able to deduct the percentage of business use for your vehicle. You will need have to find all of your vehicle expenses for that year and have to figure out your depreciation. Amending to claim the actual expense and depreciation you can also go back 3 years or you can change your accounting method.
- Adopting a change in accounting method, allows you to go back as far as you need. Adjust your current year's tax return to expense the missing depreciation. Not claiming depreciation in two or more years indicates that you've chosen an accounting method without depreciation. In this case, you must now elect to change your accounting method to include depreciation. For more details and to find out how to change your accounting method, click here.
Actual cost includes the depreciation, standard mileage does not. Vehicles also have a 5 year recovery period with depreciation, and I do not know how long you have had your rentals.
@Anonymous
