Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Aug 17, 2022 7:42:32 PM

We normally take the mileage deduction. We'd still like to keep the mileage and add depreciation. Is that possible?

0 3 491
3 Replies
Level 15
Aug 17, 2022 8:00:24 PM

No, that's not possible. The standard mileage rate includes an amount for depreciation. You cannot also claim depreciation separately. You would be claiming depreciation twice.

 

Level 15
Aug 18, 2022 6:36:12 AM

You can change to using the actual expense method, which includes depreciation, but you must track all your expenses, which is a lot more paperwork.  The actual expense method may be more lucrative if your car is new and expensive, but most of the time, the standard mileage rate is more lucrative.  The rules are described in chapter 4 of publication 463,

https://www.irs.gov/forms-pubs/about-publication-463

 

But you can't mix methods. 

Level 15
Aug 18, 2022 2:47:35 PM

Take a look at https://bradfordtaxinstitute.com/free_resources/irs-mileage-rates.xml.aspx and scroll just a bit past halfway down the page. There you will see how much for each mile is considered depreciation, back to 2003.