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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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A box truck used 100% for business is fully depreciated at

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A box truck used 100% for business is fully depreciated at the end of 2011. In 2012, the vehicle is still in use. Can the mileage allowance be taken in 2012 or does the vehicle have to be depreciated using the straight line methiod?

Stephanie B. :

Thank you for your question.

If the vehicle is already fully depreciated out, you can not take anymore depreciation on it. You will only be able to take the actual expenses on the vehicle for 2012.

In order to switch between the actual expenses and the standard mileage rate deduction, the standard mileage rate must have been used on the vehicle the first year placed in service. At that point, then the straight line method is used when taking actual expenses instead of the standard mileage method.

Please let me know if you need additional clarification.

I look forward to your response.


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