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Level 3
May 6, 2023
Question

Can we do both depreciation and mileage on the1065 ?

  • May 6, 2023
  • 2 replies
  • 21 views
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2 replies

abctax55
Level 15
May 6, 2023

No

HumanKind... Be Both
jerjev58Author
Level 3
May 6, 2023

Thank you very much

qbteachmt
Level 15
May 9, 2023
From the internet:
"What expenses are included in mileage rate?
Include gas, oil, repairs, tires, insurance, registration fees, licenses, and depreciation (or lease payments) attributable to the portion of the total miles driven that are business miles."
 
Topic No. 510, Business Use of Car | Internal Revenue Service

https://www.irs.gov/taxtopics/tc510

 

Of course, it also depends on who owns this vehicle and the type of vehicle.

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