JamesG1
Expert Alumni

Deductions & credits

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Will you be preparing tax returns for these previous years?

 

If so, make sure that on these previous years tax return, that you are not reporting special or bonus depreciation on this vehicle.  Also make sure that you report the same cost basis, date of purchase and date placed into service.

 

You may also be eligible for the standard mileage rate rather than claiming actual costs and depreciation.

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