sec 179 C & F

[gman]

Taxpayer has both farm sch F and Sch C. Taxpayer purchased a new auto. I told him mileage or sec 179. Would it be possible to take mileage from the vechicle attributed to Sch C, and sec 179 on Sch F???

Does not sound right?? I am assuming one way for both schedules???

[David1980]

If the vehicle has 179 or any other accelerated depreciation taken it cannot be used for standard miles.

[thomtax]

If the vehicle has 179 or any other accelerated depreciation taken it cannot be used for standard miles.

Very true. One way to remember it is that there is a certain amount of depreciation figured into the standard mileage. If you took the 179 and standard mileage, you would be "double dipping" on depreciation.

Unless you are one of the current administration officials, it's a no-no.

LT