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Car Expenses
Posted on 3/5/14 at 12:06 pm
Posted on 3/5/14 at 12:06 pm
if you use a vehicle on the job for half the year and buy a new vehicle for work midway through the year, assuming both used over 50% for business...can you use standard mileage on the first vehicle (assuming actual expenses haven't been taken in the past) and use actual expenses on the new second vehicle (i.e. section 179 depreciation on the business portion)
is the election for mileage vs actual based on a vehicle by vehicle decision?
is the election for mileage vs actual based on a vehicle by vehicle decision?
Posted on 3/5/14 at 1:14 pm to Ford Frenzy
Yes, the election is on a vehicle by vehicle basis, and can be switched from mileage to actual, but not switched back.
Posted on 3/5/14 at 1:38 pm to CubsFanBudMan
If you ever want to use mileage rules on vehicle, it must be used in the first year. Beyond that, you can choose whatever method gives you the better deduction.
Posted on 3/5/14 at 1:42 pm to LSUFanHouston
I think you can use mileage after the first year as long as you used straight line depreciation in prior years.
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