abctax55
Level 15
06-21-2020
03:49 PM
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"Using SMR" translates to Standard Mileage Rate. As I stated earlier, the SMR *has* a depreciation component in it. Sorry if I confused you.
(In Lacerte at least) I always enter the vehicle AND select the straight line depreciation option to avoid future booboos if/when switching to actual vehicle expenses is advantageous.
I have no idea what options PS offers. Additionally, Lacerte provides warnings that switching to SL is required if business use drops below 50%
"*******Tax software is no substitute for a professional tax preparer*******
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