Back to question Answer 1 of 1

Discuss Eva Norris, enrolled agent's answer to: How do I figure out what my car?s cost is for ...

How do I figure out what my car?s cost is for depreciation with two home based businesses? The car is 2006 model purchased in 2009 for both business and personal use. The first business was stated in ...

First, in order to claim actual expenses and depreciation on your vehicle, you must be using it more than 50% for business as determined by your mileage log.  That percentage is used to calculate the amount of actual expenses and depreciation that you may claim.  Since you're using it for 2 different business, I would recommend that you use the mileage method instead.  You still need to keep a mileage log for each business to prove the mileage and do the calculations. 

Liked this answer? Tell your friends about it

Comments About This Answer

Add your comment
 
Ernest Thinks this answer is Helpful:

Thank you Eva Norris

Add Your Comment (or add your own answer)
Insert: