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

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

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.

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

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.

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