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Business & farm
1. Once you transfer the previously used vehicle from one business (1) to another (2), do you have to continue to use the same method of expensing the vehicle business miles? For instance, if the vehicle was fully depreciated by the first business using the actual method, do you have to continue to use the actual method of vehicle business expenses under the 2nd business or you could use the standard mileage method, as this would be the 1st year for this (already depreciated) vehicle under the new business and the actual method may not make a lot of sense anymore, as the vehicle has been already fully depreciated?
‎December 23, 2023
9:56 PM