Vehicle deduction

[NCsnowhill]

I purchased 2021 Uukon in my name, use for business and deduct mileage, over 6k pounds, notice that turbotax asked about weight, yet saw no further deduction.  I thought I could deduct 25k off the first year.  I also have a friend that deducts 100% of truck the year purchased, he does not take mileage.  What are my options?

thank you.

[Cynthiad66]

In order to deduct the full cost of your business vehicle you will have to elect the section 179 deduction. Keep in mind that if you take a section 179 deduction you cannot use the standard mileage rate to calculate your car expenses.

You are not seeing the deduction because you are using the mileage rates.  You must elect to claim actual expenses in order to deduct the cost of the vehicle.

If you decide to use the actual expenses method, additional auto-related expenses are deductible, such as,

• Gas and oil.
• Maintenance and repairs.
• Tires.
• Registration fees and taxes*
• Licenses.
• Vehicle loan interest*
• Insurance.
• Rental or lease payments.