1) No, it must be done in a "reasonable period of time". See link below for that definition.
2) Yes. However, even though your first year deduction will be larger using Actual Expenses, you'll want to analyze if that is your best option for the long-term (if you start off using Actual Expenses, you can never switch to the Standard Mileage Rate for that vehicle). In many cases, the Standard Mileage Rate ends up with a better long-term deduction over the years. But of course things vary from person to person depending on their specific circumstances.
- As a side note, be sure you check if your vehicle insurance properly covers your vehicle. In many cases, you may need a commercial insurance policy to cover your vehicle.
3) That is a bit more tricky. Somewhere in the program is a worksheet that projects your future depreciation, or you could use an online calculator. Then take that full-year, full-business depreciation amount and each month factor in your business percentage and using 1/12 of the year.
4) Yes.
