I chose actual exp for 1st yr and cannot change to mileage. If I purchase a work vehicle in the future do I get to start the process over selecting actual exp vs mileage.

If I chose actual expenses for my work truck in year one am I “stuck” using actual expenses for the life of the business or am I stuck for the life of the vehicle used in the business? What if I ADD another vehicle? Can I treat vehicle number 2 differently in chosing the method of deduction?

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1 Best answer

Intuit Alumni

Jun 6, 2019 12:49:09 AM

Yes - If you chose actual expenses for your work truck in year one, you must use actual expenses for the life of the asset.

If you add another vehicle, you can treat the second vehicle differently than the first in terms of deductions.

Standard mileage must be selected in the first year. In later years you can choose either the standard mile rate or actual expenses.

Intuit Alumni

Jun 6, 2019 12:49:09 AM

Yes - If you chose actual expenses for your work truck in year one, you must use actual expenses for the life of the asset.

If you add another vehicle, you can treat the second vehicle differently than the first in terms of deductions.

Standard mileage must be selected in the first year. In later years you can choose either the standard mile rate or actual expenses.

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I chose actual exp for 1st yr and cannot change to mileage. If I purchase a work vehicle in the future do I get to start the process over selecting actual exp vs mileage.