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Solved

Auto depreciation

Forum|Forum|7 years ago
June 3, 2019
1 reply
10 views

I bought a new car in November for 100% business use. This year my actual expenses exceed my mileage. If I take the actual expenses this year, can I take mileage next year? Also, if I use the 179 depreciation this year, will it affect me next year if I do convert to mileage use?

TurboTax Self Employed Online

Best answer by Beancounter_

Once you claim actual expenses and depreciation on a vehicle you cannot take the standard mileage rate in subsequent years. The election made the first year the vehicle is placed in service is the election you must use until the vehicle is retired.

Answer

Alumni - Champ

Once you claim actual expenses and depreciation on a vehicle you cannot take the standard mileage rate in subsequent years. The election made the first year the vehicle is placed in service is the election you must use until the vehicle is retired.