Hi! I'm a CPA with TurboTax Live. Essentially, the purchase or lease of a vehicle will be allocated between personal and business use with the personal mileage being non-deductible and business being deductible. Generally, you will have the option to take actual expenses (which will likely give you a larger deduction up front with depreciation) or the standard mileage rate (which will tend to give you more in deductions over time). It is important to remember that only job site to job site trips will be deductible (no commuting) so if you have a home office as well, you will tend to have more deductible mileage.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
