Have a Finance Question? Ask a Financial Expert Online.
Hi, my name is Mark. I am a CPA. I would be happy to help you with your question. Let me better understand this, are you renting the truck to customers?
I understand. Thank you for the information. In the first year you can select either method. In you choose the actual method you are not able to switch in future years. If you use the standard mileage rate you can switch to actual expenses in later years. Is this the first year that the truck was placed in service.
Ok, the standard mileage rate is the easiest you would just need to keep a log of the business mileage.
Sounds like you are off to a good start.
I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.
You are very welcome. I am happy I could help.