I bought out my car lease in April. I am still using it for business. Is it correct that I have to enter the car twice in my business expenses, once from January through the April date I did the buyout AND once for the "used car" that I am now continuing to use for my business?
Additionally, are ALL expenses that I incurred while I still had the lease deductible? I needed to buy new tires in March, then the buyout occurred in April. I used actual expenses while I had the lease.
Also, can I now use the standard mileage deduction for the miles I drove after the lease buyout? Or must I continue to use the actual expenses as I did when I had the lease? I prefer to use the mileage rate if I can.
