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Schedule C Auto vs Actual
In a previous business in 2005 I claimed my auto on schedule C and use the actual expense deduction. Fast forward to 2020, I am using that same vehicle but in a different business. I would like to claim the actual mileage since it will be more than the actual expenses. Is this possible? Or do I have to stick with the actual expense deduction?
I thought of a possible workaround: Could the C-Corp buy the vehicle from me and therefore the date placed in service would be this year for the C-Corp and then claim the mileage deduction. Is this possible?
if so, how would I go about the sale since it is in my name? Any other ideas?
‎July 11, 2020
8:13 PM