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Standard Mileage Vs. Actual and Sec 179

mvp2885
Level 5

If I claim section 179 for a business vehicle a client bought, I can also claim Actual expenses right? Now, is the downside to doing that, is that I can't ever claim standard mileage in future year? My understanding is that if I claim standard mileage during the first year of service, I can switch between standard and actual afterwards? But if I claim actual expense, I can't go back to standard? 

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TaxGuyBill
Level 15

Correct on all questions except maybe your last point.  If you start with using the Standard Mileage, you can do either in future years and keep switching back and forth if you want to.



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2 Comments 2
TaxGuyBill
Level 15

Correct on all questions except maybe your last point.  If you start with using the Standard Mileage, you can do either in future years and keep switching back and forth if you want to.



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IRonMaN
Level 15

Once you take section 179, you have set the future of the vehicle in stone.


Slava Ukraini!
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