Anonymous
Not applicable

Business & farm

I am assuming you are not an employee who gets a W-2 except in the case of an S-Corp shareholder where the Corp owns the vehicle,  if you fail the above the vehicle would be an employee business expense which is no longer deductible

no.    a vehicle is listed property and info besides cost must be reported each year.

in addition vehicles used 50% or less for business purposes are not eligible for section 179 expense and must be depreciated over 5 years using the straight line method. 

 

if you can deduct the costs, the standard mileage rate of $ .58/mile for 2019 might be better. 

based on what you provided the depreciation deduction would only be $68 first year and if same % use in following years $135 years 2-5 and $67 year 6

$2500*.27 = $675  sum of above for  the 6 years = $675