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I entered actual vehicle expenses for a prior year. Can I amend that return to switch to the standard mileage method? I didn't keep good enough records for actual...

The vehicle was put in service in late 2018.  I have not filed taxes yet for 2019, 2020, or 2021 and I can't possibly enter actual expenses for those years due to a lack of records/receipts.  Please don't judge me--my husband has brain cancer, life is hard, I'm trying to keep us afloat by working as a realtor.  Thanks in advance for any help.  PS - I also can't figure how how I managed to take "179 depreciation" on the vehicle in 2018 when I had no income yet from my new realtor job...form 4562 says on line 12 that I depreciated 14,500.  I really just want to start over and take the standard mileage deduction.  I have mileage records for each subsequent year but nothing else (like gas receipts, etc.)
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1 Reply
RobertB4444
Expert Alumni

I entered actual vehicle expenses for a prior year. Can I amend that return to switch to the standard mileage method? I didn't keep good enough records for actual...

You can amend your 2018 return to remove the $14,500 expense for depreciation from that year.  If you do that, however, it will increase your income by the same amount for that year.  It will result in owing taxes for that year that will have significant penalties and interest because they will be considered three years late.  You have a lot on your plate getting caught up with the last three years.  Not sure you have any need to add to the burden.

 

Sorry about your husband.  Good luck.

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