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Business & farm
You need to find out/confirm if you used the Standard Mileage Rate in 2019 for this vehicle.
If you did, yes, you can use Actual Expenses this year. But be sure to enter an amount for the "prior depreciation" based on the depreciation component of the Standard Mileage Rate.
Yes, if you used the Standard Mileage Rate in 2019 and use the Actual Expenses in 2020, you can switch back to the Standard Mileage Rate in the future.
‎February 28, 2021
12:37 PM