So I have personal/family owned, vehicle A, that I started using for my new self-employed contract job for commute travel. I plan to claim standard mileage rate. Do I need to have this vehicle transferred into my name before 2024?
I will be retiring vehicle A this year to solely personal use and purchasing vehicle B for 100-90% business use before the end of this year. To enable myself to claim either standard or actual cost rate deduction in future years, I need to claim standard mileage rate this first year for vehicle B correct? Does this disqualify me from a Standard 179 Deduction on vehicle B however if I claim standard mileage rate?
