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Note: In order to use the standard mileage method, you must choose this method in the first year the vehicle is placed in service. The adjusted basis will, in turn, be used to determine the gain or loss when the vehicle is sold, so keeping good records is essential. Since depreciation accumulates, each year's business mileage affects the adjusted basis of the vehicle. In the example above, your depreciation on an auto would be limited to the business-use percentage of 90% times the maximum 2021 first-year maximum of $18,200, or $16,380. If you use the "actual" expenses method and the vehicle was acquired new in 2021, the maximum first-year depreciation deduction, including bonus depreciation, for an auto in 2020 is $18,200.
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In this case, the standard mileage method gives you the bigger tax benefit. If you use the standard mileage rate, your 2021 deduction would be $9,072. If you use the actual expenses method, you could deduct $4,500 (90% of $5,000). Your total mileage was 18,000 and documented business miles were 16,200. Your total "actual" expenses were $5,000. If it's an old car, there is no depreciation write-off. Let's say your gas, oil and repairs came to $3,000 for the year.
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The percentage of use (based on miles) that the vehicle is used for business determines the deductible portion of these expenses. *Also deductible if you choose the standard mileage method. If you decide to use the actual expenses method, additional auto-related expenses are deductible, such as,
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You can also deduct interest on an auto loan, registration and property tax fees, and parking and tolls in addition to the standard mileage rate deduction, as long as you can prove that they are business expenses.
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