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Business & farm
The decision to take Section 179 deduction will impact more than Tax Year 2015. If you take a section 179 deduction you cannot use the standard mileage rate to calculate your car expenses. Also, if you claim either a section 179 deduction or use a depreciation method other than straight line in the first year the car is in service, you cannot use the standard mileage rate on that car in any future year.
See IRS Publication 463 for more information. https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100033949
See IRS Publication 463 for more information. https://www.irs.gov/publications/p463/ch04.html#en_US_2014_publink100033949
May 31, 2019
4:56 PM