topic I was gifted a car for business use. Business use is 57%. FMV is known for depreciation. The car cost me nothing. Can I depreciate or just take mileage deduction? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-was-gifted-a-car-for-business-use-business-use-is-57-fmv-is-known-for-depreciation-the-car-cost-me/01/662505#M86782 Thu, 06 Jun 2019 09:41:40 GMT arejfour 2019-06-06T09:41:40Z I was gifted a car for business use. Business use is 57%. FMV is known for depreciation. The car cost me nothing. Can I depreciate or just take mileage deduction? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-was-gifted-a-car-for-business-use-business-use-is-57-fmv-is-known-for-depreciation-the-car-cost-me/01/662505#M86782 Thu, 06 Jun 2019 09:41:40 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-was-gifted-a-car-for-business-use-business-use-is-57-fmv-is-known-for-depreciation-the-car-cost-me/01/662505#M86782 arejfour 2019-06-06T09:41:40Z You have a basis in the car on a gift.  It is the lower o... https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-a-basis-in-the-car-on-a-gift-it-is-the-lower-o/01/662511#M86783 <P>You have a basis in the car on a gift. &nbsp;It is the lower of the cost the person paid or the fair market value when it was given to you.</P><P><B>You can then depreciate it or take the standard deduction </B>(which if the car has low value is usually better and easier to do).&nbsp;</P> Thu, 06 Jun 2019 09:41:41 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/you-have-a-basis-in-the-car-on-a-gift-it-is-the-lower-o/01/662511#M86783 MichaelL1 2019-06-06T09:41:41Z