Straight Line Depreciation for Cars

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  • Bees Knees
    Senior Member
    • May 2005
    • 5456
    #16
    Originally posted by Bees Knees
    I just attended an NATP seminar where their book says you can use the standard mileage method in a later year if you elect to use straight line in year one.
    I just noticed that an NATP email from March corrected this statement and is now accepting IRS Pub 463, page 15 which specifically says you cannot use the standard mileage rate unless it is elected in the first year.

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      • JohnH
        Senior Member
        • Apr 2007
        • 5339
        #17
        They weren't actually going to tow the boat, they were just using the business vehicle receiver to do a check on the hitch and ball size and be sure they matched up before hooking up to the ACTUAL tow vehicle. I'm sure that was what was happening - you just misunderstood what was going on.
        Last edited by JohnH; 06-05-2011, 02:40 PM.
        "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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