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Business vehicle

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JessN

Junior Member
What is the name of your state? Oregon

We bought a business vehicle (car) this year and paid it in full. Can we write off the entire cost all at once or do we have to depreciate it?

Also, I know we can write off either gas usage or mileage right?
 


LdiJ

Senior Member
What is the name of your state? Oregon

We bought a business vehicle (car) this year and paid it in full. Can we write off the entire cost all at once or do we have to depreciate it?

Also, I know we can write off either gas usage or mileage right?
When you are using your own personal vehicle for business use you have the choice of using actual expenses or the standard mileage rate.

However, when a vehicle has been purchased in the name of a business, it cannot be fully 179 expensed (writing it off in full) it must be depreciated, and other actual expenses may be claimed.

See Publication 946, chapter 5 for the specific rules.
 

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