CathiM
New Member

Deductions & credits

When you use the mileage rate and number of miles for your vehicle deduction, the car is not depreciated separately on Form 4562. The IRS figures in depreciation as a part of the mileage rate. So that is why you are not seeing the depreciation from prior years. You don't need to make a correction.  

According to the IRS:

"The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 25 cents per mile for 2017. See section 4.04 of Rev. Proc. 2010-51.

Click here to read more: 2017 Standard Mileage Rates - Notice 2016-79.