Car deprecation/ New business

Forum|Forum|4 years ago
March 18, 2022
3 replies
21 views

In 2020 I had an LLC and I used the big car deduction actual expense for new purchase. I am closing out that business and stopped the depreciation on it, and put 0 miles on the schedule C. I opened up a new business for a second schedule C, and I want to use the same car that was once depreciated. Am I able to use the standard mileage deduction since its a new EIN, new LLC, new schedule C? I am not doing the old business. This is from my client. Thanks for your help.

ProSeries Professional

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IRonMaN

Level 15

It might be different schedule Cs, but it is still the same taxpayer and same vehicle so I think you continue onward with what you started.

Slava Ukraini!

J

jeffmcpa2010

Level 10

Same Vehicle - Same Taxpayer, requires continuing the same method. (New EIN for single user LLC, which is transparent for tax purposes would not have any effect.)

I agree with IRonMaN taxpayer made their choice, now they have to live with it so long as they own and use that vehicle for business purposes.

qbteachmt

Level 15

Is this the same car and client as you asked earlier, that Lisa was helping you with, here:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/car-deprecation/00/210392

If so, it helps to keep to the same topic, for the same issue.

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