topic Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle. in Deductions & credits

Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle.

WilHen02 — Mon, 23 Feb 2026 13:17:45 GMT

As depreciation is taken under the K-1 the basis is reduced. TT H& B does not know about the reduced basis taken outside of the program. Is there a way to manually enter the depreciation so that TT has the correct basis when calculating next years taxes?

Re: Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle.

PatriciaV — Mon, 06 Feb 2023 15:50:23 GMT

Please clarify why you are reporting the vehicle for both your LLC and on Schedule C. While you could enter an adjusted basis for the vehicle on Schedule C, you should not be taking depreciation twice for the same vehicle.

For a vehicle used by more than one business, it's customary to use the standard mileage deduction rather than actual expenses. The other option is to allocate actual expenses to one business and take standard mileage for the other.

Re: Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle.

WilHen02 — Mon, 06 Feb 2023 21:14:04 GMT

Because I use it for both now. Once the actual cost method is chosen it it may not change. Correct?

So is there a method or not ? Which was the question.

Re: Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle.

ThomasM125 — Mon, 06 Feb 2023 21:49:38 GMT

There is no way to enter the depreciation manually, it would be calculated based on the cost of the vehicle, year purchased, percentage of business use and other considerations. You may be able to enter the vehicle separately for dfferent businesses and reduce the cost entered based on the percentage of time it was used in a particular business, as long as it didn't result in double deducting expenses. You are correct, you can't change from the actual deduction method to the standard mileage deduction method.

Re: Auto depreciation taken on Rental LLC K-1 and separately on "C" for the same vehicle.

WilHen02 — Mon, 06 Feb 2023 22:16:46 GMT

Yeah, the IRS does not like double dipping.

I'll see what reducing the business mileage below actual does for me.