Yardley CPA Posted April 12, 2008 Report Share Posted April 12, 2008 Schedule C client. I just want to verify something. If you take the standard mileage rate for a business vehicle, you can not depreciate the vehicle as well, correct? I believe the standard mileage rate includes a depreciation factor...no? Thanks! Quote Link to comment Share on other sites More sharing options...
Maribeth Posted April 12, 2008 Report Share Posted April 12, 2008 Schedule C client. I just want to verify something. If you take the standard mileage rate for a business vehicle, you can not depreciate the vehicle as well, correct? I believe the standard mileage rate includes a depreciation factor...no? Thanks! That is correct. The standard mileage rate includes a depreciation factor. You can take a % of the interest and taxes along with the standard mileage rate. Maribeth Quote Link to comment Share on other sites More sharing options...
indyscott Posted April 12, 2008 Report Share Posted April 12, 2008 (plus parking & tolls..) But, in order to use Standard Mileage rate, you have to use it in the first year the vehicle is placed in service. Can't start out with higher actual, and then switch to standard when actual drops. Quote Link to comment Share on other sites More sharing options...
joelgilb Posted April 12, 2008 Report Share Posted April 12, 2008 (plus parking & tolls..) But, in order to use Standard Mileage rate, you have to use it in the first year the vehicle is placed in service. Can't start out with higher actual, and then switch to standard when actual drops. Such a shame, All these types of questions were essentially answered on the old ATX board. THx again CCH! Joel Quote Link to comment Share on other sites More sharing options...
chadw Posted April 13, 2008 Report Share Posted April 13, 2008 Such a shame, All these types of questions were essentially answered on the old ATX board. THx again CCH! Joel Isn't that the truth Joel. I loved being able to do a search on a topic and being pretty much to find an answer to something. This board is getting there and hopefully will get there at some point. Quote Link to comment Share on other sites More sharing options...
SunTaxMan Posted April 13, 2008 Report Share Posted April 13, 2008 That is correct. The standard mileage rate includes a depreciation factor. You can take a % of the interest and taxes along with the standard mileage rate. Maribeth Two thoughts: -- 1 I have never heard of adding any interest and taxes to standard mileage rate. Cite? How much? -- 2 If you are using ATX, and use standard mileage allowance, you will see a "depreciation detail" that uses the depreciation factor rather than normal depreciation rates. (Basis is adjusted and tracked) Quote Link to comment Share on other sites More sharing options...
txyank Posted April 13, 2008 Report Share Posted April 13, 2008 Two thoughts: -- 1 I have never heard of adding any interest and taxes to standard mileage rate. Cite? How much? The interest % is calculated from the business % of usage. Just enter total interest on Asset Entry and the correct amount is entered by ATX program. Quote Link to comment Share on other sites More sharing options...
SunTaxMan Posted April 13, 2008 Report Share Posted April 13, 2008 Quote........ "The interest % is calculated from the business % of usage. Just enter total interest on Asset Entry and the correct amount is entered by ATX program." Life is indeed a learning experience! My appreciation to the "teachers" on board this board! And to think, someone designed to call me an "advanced" member! The older I get, the more I realize I don't know! Thanks again. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 14, 2008 Report Share Posted April 14, 2008 Isn't that the truth Joel. I loved being able to do a search on a topic and being pretty much to find an answer to something. This board is getting there and hopefully will get there at some point. I have had a lot of trouble when I do a search on this board. I usually don't get anything or way too much. I'm sure it's something I'm doing incorrectly, and hopefully I'll figure it out. Yes, I agree, the amount of info on the old board was awesome; I used it all the time. I have lamented a lot of times over losing that resource! I use these boards, but it's not the same... I hope it's ok to list these on here. I do love this forum, and we'll get there! http://www.quickfinder.com/message_board http://www.thetaxbook.com/forums/forumdisplay.php?f=2 http://www.taxalmanac.org/index.php/Discus...-_Tax_Questions Quote Link to comment Share on other sites More sharing options...
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