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bmarchinkoski
New Member

Can I write my automobile as an asset being depreciated for self employed business as well as for business vehicle expense?

I have my yearly expenses calculated but the realized that I've had the truck in the other asset section as well. And because non of the options actually say 'vehicle' as an option, I think I've messed up previous years tax returns and don't want to mess up this one.
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Accepted Solutions
Carl
Level 15

Can I write my automobile as an asset being depreciated for self employed business as well as for business vehicle expense?

No. Business vehicle expenses can only be claimed in the Business Vehicle Expense section, and nowhere else. For the "per mile" deduction, depreciation is already included in that figure. For example, for 2016 you get 54 cents per mile. Of that, 31 cents per mile is depreciation.

For the actual expenses method, then a percentage is added for depreciation, based on the percentage of business miles driven during the year, from the total miles driven for all purposes.

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1 Reply
Carl
Level 15

Can I write my automobile as an asset being depreciated for self employed business as well as for business vehicle expense?

No. Business vehicle expenses can only be claimed in the Business Vehicle Expense section, and nowhere else. For the "per mile" deduction, depreciation is already included in that figure. For example, for 2016 you get 54 cents per mile. Of that, 31 cents per mile is depreciation.

For the actual expenses method, then a percentage is added for depreciation, based on the percentage of business miles driven during the year, from the total miles driven for all purposes.

View solution in original post

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