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?

[MichaelL1 · Accepted solution]

You have a basis in the car on a gift.  It is the lower of the cost the person paid or the fair market value when it was given to you.

You can then depreciate it or take the standard deduction (which if the car has low value is usually better and easier to do).