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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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Car deprecation/ New business
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MGC94
Level 7
03-17-2022
08:06 PM
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In 2020 I had an LLC and I used the big car deduction actual expense for new purchase. I am closing out that business and stopped the depreciation on it, and put 0 miles on the schedule C. I opened up a new business for a second schedule C, and I want to use the same car that was once depreciated. Am I able to use the standard mileage deduction since its a new EIN, new LLC, new schedule C? I am not doing the old business. This is from my client. Thanks for your help.
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3 Comments 3
jeffmcpa2010
Level 11
03-18-2022
05:10 AM
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Same Vehicle - Same Taxpayer, requires continuing the same method. (New EIN for single user LLC, which is transparent for tax purposes would not have any effect.)
I agree with IRonMaN taxpayer made their choice, now they have to live with it so long as they own and use that vehicle for business purposes.
qbteachmt
Level 15
03-18-2022
12:20 PM
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Is this the same car and client as you asked earlier, that Lisa was helping you with, here:
If so, it helps to keep to the same topic, for the same issue.
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