I own/manage/maintain three rental properties. They have always shown a profit. In prior years, I always used my personal vehicle to maintain my properties, and took the standard mileage rate deduction.
For tax year 2018, I used my personal vehicle for most of the year, but in October 2018, I bought a truck that I will use 100% for my rental properties (yes, I have other personal vehicles).
How do I take the standard mileage deduction for mileage driven with my personal vehicle for the first three quarters of 2018, and then take the actual expenses for the truck I bought in October 2018? Again, these are different vehicles.
For vehicle expenses, it seems to be an either/or - I take the standard deduction, or I use actual expenses. That seems like it only works if you buy your business vehicle on January 1st.
Appreciate any tips, thanks!
