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Level 1
posted Jun 6, 2019 1:57:02 AM

If I bought a car to use for business mainly, can I write off some portion of the cost?

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1 Replies
Level 7
Jun 6, 2019 1:57:04 AM

Yes, you can deduct 54 cents per mile or actual vehicle expenses (ie. gasoline. oil, tires, maintenance) prorated for business miles.

If you claim the standard mileage rate in year one for this vehicle, you will have the option of deducting the standard rate or actual expenses in subsequent years. If you claim actual vehicle expenses in year one, you must choose actual expenses in every subsequent year for that auto.