If the food truck is licensed, and can be driven, it should be reported on an asset worksheet, as you will have ongoing expenses that you want to track. I would think you would have low miles, so you would probably want to take expenses rather than mileage each year, but if you do a lot of travel going to fairs, and such, the first year you may want to take mileage. After the first year you will have a better idea on the kind of mileage you are going to put on. The reason for that is, you can't change to mileage, unless you took mileage the first year