So I bought my new 2019 truck for my W-2 job in 10/2019 and my company gave me a truck allowance each month to cover the cost of use (barely), I left that W-2 job in 09/23 and started another W-2 job 09/23 until 09/24 also with a vehicle allowance. In Dec 2023 I started a side business 1099 to be an Instructor and have been using same truck to travel from W-2 job to various "training locations" throughout Texas. I have good records of business miles (from W-2 job to 1099 job and between 1099 locations) and estimated my total use for 2024 is 25% business use of a total 9000 miles. My truck cost me 60,000 over life of loan (just paid it off this year). I'm estimating the "scrap value" is @ 15,000.
How should I calculate the depreciation? 60,000 and depreciate over the 5 years (2024 would be last year) even if I did not claim previous years? Or do I have to start 2024?
