Not quite -- as you
might expect, it's not that simple.
The depreciation
equivalent for total miles is small portion of depreciation that's included
when using the standard mileage rate for the business use of your car. When you claim the standard mileage rate when
deducting your business car miles, you have to account for 'depreciation
equivalent' when you dispose of the car.
The IRS provides a
table with the depreciation equivalent rate under "Rate of Depreciation
Allowed in Standard Mileage Rate" on page 23 of the 2018 Publication 463, Travel, Gift,
and Car Expenses.
If you'll see the example on page 24 of
the publication above, you'll see how the depreciation equivalent is figured.
