1701362
Hi everyone, I am self employed and use a car that isn't under my name. Therefore, I can not use the standard method to deducting my mileage and must use the actual expense method. However, I am wondering if when I do my taxes with turbotax, and I leave the actual expenses blank, will I be able to use the standard method in the future when I use a car that is under my name? Or will I still be forced to use the actual expense method?
I read that if I used the actual expense method, I must continue to use that method. Therefore, I am wondering if I just leave the expenses blank, can I switch to the standard method in the future?
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Carl already answered this question in your other post ... if you do not own the car you cannot use the Vehicle expenses section at all ... you must enter only the actual expenses incurred in the expenses section like the lease cost or gas paid for which is not the same thing as the actual vs standard deduction in the vehicle expenses section.
In the future, if you have a vehicle of your own to report on the return then you can use the vehicle expenses section to report this information ... and with each vehicle placed in service the choice must be made in the first year the car is used ... you will either choose the standard mileage or actual expenses options ... if you choose the actual expenses option then THAT car must use the actual expenses option until it is retired from service. If you choose the standard mileage option in the first year of service then you can flip flop between the 2 options depending on which is gives the better deduction that year.
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