topic Under Calculate depreciation equivalent it is asking for my standard mileage deduction for prior years. Where can I find past mileage deductions? in Deductions & credits

Under Calculate depreciation equivalent it is asking for my standard mileage deduction for prior years. Where can I find past mileage deductions?

SuitNupe — Thu, 10 Oct 2019 20:59:03 GMT

Re: Under Calculate depreciation equivalent it is asking for my standard mileage deduction for prior years. Where can I find past mileage deductions?

lorisoard — Tue, 07 Feb 2023 03:03:25 GMT

I just had to track down files back to 2014, look at Schedule C and find what mileage I claimed each year (it's always different). Then, I will have to calculate each year by the allowed cents per mile that year and add it all up. Yet, it says you can only claim up to what you paid for the car. Talk about complicating tax code! It's a mess. I went ahead and paid to have someone look it over when I'm done and got some advice because I want to make sure I'm doing it correctly. It's worth another amount of money to make sure it is done correctly in case of an audit, etc. Good luck! This is a mess. I've always done my own taxes. Makes you not want to claim a vehicle at all.

Re: Under Calculate depreciation equivalent it is asking for my standard mileage deduction for pr...

KrisD15 — Tue, 07 Feb 2023 04:16:57 GMT

Depreciation can be difficult to keep track of, and using the Standard Mileage can make it even harder since the portion attributed to depreciation can change year after year.

Business owners should always try to keep a vehicle log with pertinent information recorded.

Re: Under Calculate depreciation equivalent it is asking for my standard mileage deduction for pr...

lorisoard — Tue, 07 Feb 2023 04:56:41 GMT

True. And I had records back to 2016. Unfortunately, the 2014 and 2015 years were an issue at first. I finally found the amounts I declared with some digging. When they tell you that you only need to keep records for 7 years, it isn't really true. Luckily, I hadn't culled my files in a while and was able to dig everything out.