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Investors & landlords
My understanding is that for one car, I can only enter the depreciation in one place (Schedule E or C). Otherwise, the tax forms treated there are one car used for Schedule E, one car used for schedule C.. which the depreciation will not make sense anymore.
Not sure if my understanding is correct? Could you please share your thoughts on the best practice to allocate the car expense on schedule E and schedule C? I think my scenario is not uncommon. But I'm not able to find a good solution online. Thank you.
March 6, 2025
11:08 AM