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
MargaretL
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
MargaretL
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.