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posted Jun 3, 2019 1:33:17 PM

Auto depreciation

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?

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Level 3
Jun 3, 2019 1:33:18 PM

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.

1 Replies
Level 3
Jun 3, 2019 1:33:18 PM

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.