Vehicle depreciation on 2106

Collapse
X
 
  • Time
  • Show
Clear All
new posts
  • Possi
    Senior Member
    • Mar 2006
    • 1432

    #1

    Vehicle depreciation on 2106

    Regarding the form 2106...

    I thought that when you began depreciation on a vehicle (with actual expenses) you had to stay with it and not hop back and forth with taking the mileage deduction.

    New client, last year they took depreciation and actual expenses. This year, I entered all the information including mileage (to compute the percent for actual expenses and dep'n) and TW automatically uses the higher of the two.

    Is it allowed, that we might choose the greater deduction?
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey
  • spencer
    Senior Member
    • Jan 2010
    • 115

    #2
    My impression

    Originally posted by Possi
    Regarding the form 2106...

    I thought that when you began depreciation on a vehicle (with actual expenses) you had to stay with it and not hop back and forth with taking the mileage deduction.

    New client, last year they took depreciation and actual expenses. This year, I entered all the information including mileage (to compute the percent for actual expenses and dep'n) and TW automatically uses the higher of the two.

    Is it allowed, that we might choose the greater deduction?
    is that if you start the first year with mileage ,then you can switch around in future years.
    If you do actual the first year you must stick with it. Have client buy a different vehicle right now so you can do mileage 2010!

    Comment

    Working...