1. Forum
  2. Usenet
  3. MISC.TAXES.MODERATED

  • Car & Truck Expense Sheet

    From D L@21:1/5 to All on Sun Apr 9 21:40:20 2023
    Hi. I had a car that I used in the past for business from 2014 to 2017 and used the depeciation method. Startin in 2018, I used another car that I have and used the standard deduction method. In 2021, I went back to use the first car since navigation
    system was malfunctioning. Could I use the standard mileage method on it now?

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Alan@21:1/5 to D L on Mon Apr 10 19:36:59 2023
    On Sunday, April 9, 2023 at 6:41:00 PM UTC-7, D L wrote:
    Hi. I had a car that I used in the past for business from 2014 to 2017 and used the depeciation method. Startin in 2018, I used another car that I have and used the standard deduction method. In 2021, I went back to use the first car since navigation
    system was malfunctioning. Could I use the standard mileage method on it now?

    Yes you can use the std mileage rate as long as the method of depreciation you used for the vehicle in 2014 - 2017 was straight line over its useful life. If you used any other method (e.g., MACRS, special depreciation allowance or bonus depreciation,
    Sec. 179 deduction) then you can not use the std mileage rate for that same vehicle.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From D L@21:1/5 to Alan on Tue Apr 11 11:10:12 2023
    On Monday, April 10, 2023 at 4:39:14 PM UTC-7, Alan wrote:
    On Sunday, April 9, 2023 at 6:41:00 PM UTC-7, D L wrote:
    Hi. I had a car that I used in the past for business from 2014 to 2017 and used the depeciation method. Startin in 2018, I used another car that I have and used the standard deduction method. In 2021, I went back to use the first car since navigation
    system was malfunctioning. Could I use the standard mileage method on it now?

    Yes you can use the std mileage rate as long as the method of depreciation you used for the vehicle in 2014 - 2017 was straight line over its useful life. If you used any other method (e.g., MACRS, special depreciation allowance or bonus depreciation,
    Sec. 179 deduction) then you can not use the std mileage rate for that same vehicle.
    --
    Alan, thanks a lot!

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)