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Investors & landlords
You will start a new 5 year depreciation period using ... You use the "lesser" value of what you paid for it minus depreciation already taken, or it's FMV at the time placed in service with Turo.
Part of the standard mileage rate is considered the depreciation so you need to compute how many miles you used for business x the rate for that tax year to compute the total depreciation taken ... https://taxschool.illinois.edu/post/how-long-can-you-deduct-standard-mileage-on-the-same-vehicle/
March 8, 2022
4:37 AM