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New Member
posted Jun 5, 2019 5:55:31 PM

If I claim mileage on a vehicle do I have to claim it as a asset as well?

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1 Best answer
Expert Alumni
Jun 5, 2019 5:55:33 PM

No, you don't have to claim the vehicle as an asset if you are taking standard mileage deduction.  A vehicle must be entered as an asset when taking actual expenses and the depreciation method, but not for standard deduction method.

1 Replies
Expert Alumni
Jun 5, 2019 5:55:33 PM

No, you don't have to claim the vehicle as an asset if you are taking standard mileage deduction.  A vehicle must be entered as an asset when taking actual expenses and the depreciation method, but not for standard deduction method.