If i filed a schedule c for a business can I put some cars with depreciation and some for use with millegae?
Yes, you can use both the actual expense method (which includes depreciation) and the standard mileage rate for different vehicles on your Schedule C, but not for the same vehicle in the same year. Here's how it works: 1. **Actual Expense Method**: This method allows you to deduct actual costs associated with operating the vehicle, including depreciation, gas, oil, repairs, insurance, and other related expenses. If you choose this method for a vehicle, you must continue using it for that vehicle in subsequent years if you have claimed depreciation. 2. **Standard Mileage Rate**: This method allows you to deduct a standard rate per mile driven for business purposes. For 2023, the IRS standard mileage rate is 65.5 cents per mile. You can switch to the actual expense method in a later year, but once you use the actual expense method and claim depreciation, you cannot switch back to the standard mileage rate for that vehicle. 3. **Different Vehicles**: You can choose to use the actual expense method for some vehicles and the standard mileage rate for others. This flexibility allows you to optimize your deductions based on the specific circumstances of each vehicle. Remember to keep detailed records of your business mileage and expenses to substantiate your deductions. Additionally, ensure that the vehicles are used for business purposes to qualify for these deductions.
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