i have client who is taxi driver. he purchase the taxi. my assumption is that i can depreciate the cost of the car, and also use milage since it is his own car(taxi). correct?
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Can't depreciate and use mileage in the same year. Gas, maintenance and repairs only with depreciation.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
he has
over 40,000 miles used on his taxi, so i guess i better use milage. now, if he would not have bought the cab, my understanding is he could not have used milage. correct?Comment
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You can't use the standard mileage rate for a car for hire, period. It doesn't matter who owns it, whether new or used, etc.Comment
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You're right. I stand corrected.Originally posted by dtlee View Post
Too bad I didn't take EA SEE Part 2 last year; I guess I'd better review the 2011 changes more carefully before scheduling the exam this year.Comment
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I had previously assumed that you had already assumed EA status based on your clear and knowledgeable posts. I am sure you will have no trouble with Part 2 once you prepare for it.Originally posted by Gary2 View PostDougComment
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Thanks. I'm not worried about the exam, I'm worried about finding the time.
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