Laura_CPA
Employee Tax Expert

Tax law changes

Hi Zhenya VC, 

 

The answer is you may depending on if you use the greater of the actual expense method or mileage and meet all the other criteria mentioned above. If you use the actual expense, you are able to depreciate the cost of the vehicle over the life of the asset or by using section 179 to expense it 100% if used 100% for the Partnership. The interest would be deducted, any repairs, maintenance, dmv fees, parking tolls. 

 

 

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